Ethereum Transactions Surge: New All-Time High Incoming?
Key Takeaways
Ethereum's daily transactions have exceeded the peak levels of the 2021 bull run. The question now is: can ETH achieve a new all-time high this August?
From a technical perspective, Ethereum [ETH] shows resilience, rebounding nearly 8% this week and recovering over 80% of last week's pullback after hitting a local high of $3,941.
A recent 10% dip triggered a $10 billion Open Interest flush, realizing over $1 billion in profits. This leverage clearing suggests a classic shakeout, potentially strengthening Ethereum's position.
Historically, August has been a weak period for Ethereum. However, current trends indicate a potential departure from this pattern, raising the possibility of price discovery.
August Weakness vs. Current Strength
Ethereum's August performance has typically been bearish, with 60% of the past decade closing negatively. But 2025 is showing a different trend.
July bucked the trend of being a red month, turning bullish. Conversely, a strong Q1 gave way to a multi-year low at $1,440, illustrating a decoupling from usual seasonal cycles.
Institutional positioning supports this shift. Corporate Ethereum holdings surged approximately 127.7% in July to over 2.7 million ETH, now accounting for nearly half of all ETF-held ETH with 24 new firms adding exposure. This influx fueled a 50% rally, positioning Ethereum as a top large-cap performer.
This makes ETH’s July breakout a validated structural shift, not a temporary anomaly.
With Ethereum rebounding 8% off the $3.9K ceiling this week, August's typical downside bias is in question. Is this the start of a monthly trend reversal?
Ethereum Throughput Reaches All-Time High
Supporting Ethereum's potential August breakout is a significant spike in on-chain throughput.
The 7-day moving average of ETH's daily transactions hit an all-time high of 1.74 million on August 5th, surpassing even the peak levels of the 2021 bull cycle.
July also recorded the highest monthly transaction count ever at 46.67 million, with active addresses surging to 683,520. This reflects robust DeFi activity and growing institutional on-chain deployment.
Ethereum's on-chain activity and price action are increasingly synchronized.
ETH's reclaiming of range highs, record-breaking transaction volumes, and surging corporate ETH holdings all indicate a shift in momentum. August, typically a challenging month, may be undergoing a transformation.
Ethereum is currently 22% below its all-time high. Given its recent performance, a continuation breakout into price discovery is a distinct possibility.