ETH Hangs Tough at $3.6K While Transactions Party Like It’s 2024 🎉

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Well, well, well, look who’s still kicking at $3,658! Ethereum’s up 2.2% in the last 24 hours, which is basically the financial equivalent of a “you go, Glen Coco” moment. 🏆 Meanwhile, on-chain metrics are throwing a rager, with transaction activity spiking like it’s open bar at a tech conference. 🍸

  • ETH’s at $3,658, up 2.2% today but down 4.7% this week. Classic “two steps forward, one step back” dance. 💃
  • Daily transactions hit 1.87M on Aug. 6, almost breaking the record. Someone get this blockchain a participation trophy! 🏆
  • Technical indicators are like, “Meh, we’re chill.” Price is stuck between $3,450 and $3,920, basically the financial version of being stuck in traffic. 🚗

Sure, ETH’s down 4.7% this week, but it’s still 30% higher than last month. So, yeah, it’s like when you gain 10 pounds on vacation but you’re still hotter than you were last year. 💁‍♀️ The weekly range of $3,380 to $3,874 is just Ethereum taking a breather, probably scrolling through memes. 📱

Market activity? More like market nap-tivity. Daily trading volume dropped 15.6% to $22.2 billion, and derivatives volume is down 20% to $77.2 billion. Even open interest is like, “Nah, I’m good.” 😴 Thanks, Coinglass, for the snooze fest update.

Ethereum’s Network: Back and Better Than Ever (Maybe) 🚀

Ethereum’s network usage is popping off like it’s 2024 all over again. Daily transactions hit 1.87M on Aug. 6, almost beating the all-time high of 1.96M from Jan. 2024. Take that, Solana! Ethereum’s like, “I’m still the main character.” 👑

Stablecoins are the life of the party, with Tether (USDT) and USD Coin (USDC) leading the charge. Turns out, the GENIUS Act is the cool new kid in school, restoring market confidence like a boss. 🎓

Institutional investors? Still obsessed with ETH. Nate Geraci from NovaDius Wealth says ETH-treasury companies and U.S. spot ETH ETFs have each gobbled up 1.6% of the total ETH supply since June. That’s 3.2% combined-basically the financial version of a food coma. 🍽️

Wild stat…

Eth treasury companies & spot eth ETFs have *each* bought approx 1.6% of current total eth supply since beginning of June.

Look at this chart.

via @Yogita_Khatri5

– Nate Geraci (@NateGeraci) August 7, 2025

Strategic ETH Reserve data shows 64 companies holding 3.03M ETH, worth $11.8B. Meanwhile, U.S. spot ETH ETFs are flexing with $20.61B in net assets. Money’s everywhere, but don’t spend it all in one place! 💸

Ethereum’s Technical Analysis: It’s Complicated 💔

Ethereum’s momentum is like a first date-neutral but with potential. It’s hovering under the 20-day simple moving average at $3,685, and the RSI is at 58, which is basically a “let’s just be friends” vibe. 🤷‍♀️

Moving averages are supportive, though. ETH’s above its 10-day through 200-day exponential and simple moving averages. The awesome oscillator and momentum are like, “We’re here, but don’t get too excited.” 😑

If ETH breaks above $3,685, it might hit $3,920. But if it dips, $3,450 is the safety net. For now, it’s consolidating like someone trying to decide between Netflix and actually being productive. 🛋️

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2025-08-07 08:00