Ethereum Nears All-Time High as Network Activity Hits Record 1.87M Daily Transactions

Ethereum has posted significant gains over the past week, rising 29% and approaching its all-time high near $4,800 set in 2021. At the time of writing, ETH trades at $4,662, putting it within range of the $4,750–$4,800 resistance zone that has historically marked a key supply area for the market.

This price move coincides with unprecedented network activity and notable on-chain flows that analysts say could influence the short-term price direction.

Ethereum Record Network Activity Meets Price Resistance

Data from CryptoQuant contributor CryptoOnchain shows that daily Ethereum transactions have reached a record high of approximately 1.875 million. This surge in activity signals elevated demand for block space and heightened engagement across the network.

Ethereum transaction count. | Source: CryptoQuant

The confluence of strong on-chain metrics with a critical price level creates a technical and fundamental intersection that could determine Ethereum’s next move. According to CryptoOnchain, Ethereum’s current position represents a decision point.

A breakout above $4,750, accompanied by sustained transaction volume, could propel ETH into a price discovery phase, potentially surpassing its historical peak. Conversely, if sellers defend this level, a consolidation phase or a retracement toward the $3,950 support area is possible.

The analyst also cautioned that while peak network activity often accompanies bullish price action, it can also signal a near-term overheating of the market. In such cases, even with strong fundamentals, prices may pause or retrace as participants adjust their positions.

This dynamic is particularly relevant as Ethereum tests a historically significant resistance zone while network usage is at an all-time high.

Exchange Outflows Suggest Continued Buying Pressure

In a separate analysis, another CryptoQuant analyst, Burak Kesmeci, examined Ethereum’s net flow data across all exchanges. Using the 30-day simple moving average (SMA30), Kesmeci found that ETH net flows remain in strongly negative territory, at around –40,000 ETH as of August 12, 2025.

Ethereum netflow data on all exchanges. | Source: CryptoQuant

This represents an average daily outflow of 40,000 ETH over the past month, a trend that has coincided with the asset’s recent price increase.

Negative net flows indicate that more ETH is leaving exchanges than entering, often interpreted as a sign of reduced immediate selling pressure and increased holding behavior.

Kesmeci linked the recent outflow strength to spot ETH ETF activity, suggesting that institutional demand has been a major factor supporting prices.

He noted that as long as the SMA30 stays in negative territory, the upward trend is likely to continue. A shift into positive territory, however, could signal a change in market sentiment and potentially weaken buying momentum.