Ethereum continues to show positive dynamics, with rapidly growing activity on its platform, attracting investor interest.
Ethereum Price Growth and Market Status
As of the time of publication, Ethereum is trading at $3,658, reflecting a 2.2% increase over the past 24 hours but a 4.7% decrease over the past week. Nevertheless, the price remains 30% higher than it was a month ago despite the observed recent decline. The price range for ETH has fluctuated between $3,380 and $3,874 over the current week.
Surge in Network Activity and Stablecoin Demand
Ethereum's network usage has surged, with daily transactions reaching 1.87 million on August 6. This growth is driven by the demand for stablecoins like Tether and USD Coin, occurring amid optimism surrounding recent legislative changes in the U.S. regarding the regulation of these assets. The uptick in activity on the platform has been bolstered by the recently passed GENIUS Act, which clarifies the rules for the use of stablecoins.
Ethereum Technical Analysis
Technical indicators show neutral momentum. ETH is trading just below the 20-day simple moving average, with the relative strength index at 58 indicating no overbought or oversold conditions. While moving averages provide support, ETH remains in a period of consolidation, and the current levels of resistance and support remain critical.
Ethereum's interesting growth is driven by increased network activity and support from institutional investors. The future price trajectory remains uncertain, but growing demand could contribute to further improvements in metrics.
