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ETH Ethereum (ETH) was reported at approximately US$1,923, and both online data and developer activity surged.
Ethereum (ETH)'s current trading price is approximately US$1,923. The strong growth in online data and developer activity is particularly eye-catching. July has been one of the strongest months for Ethereum in history, with network usage reaching record levels this month, prompting investors to focus again on the $2,000 target. However, analysts pointed out that the rally relied heavily on leveraged positions in futures markets and warned investors to be cautious.
Ethereum network usage hits record high
According to CoinGlass data, July was one of the strongest periods in Ethereum's history. In the past few years, ETH's average yield in July exceeded 10%, while Bitcoin's average increase over the same period was about 7%. The latest report released by Token Terminal shows that the weekly transaction volume of the Ethereum network reached 18.7 million, setting a record high. At the same time, the median transaction fee has dropped to just $0.008, indicating that network scalability upgrades have achieved significant results.
Developer activity in the Ethereum ecosystem has also shown significant growth. Data shows that the deployment of new smart contracts increased by approximately 192% year-on-year, with an additional increase of 57% in the past week alone. Analysts pointed out that the continued rise in developer interest and record levels of network usage have together strengthened Ethereum's fundamental indicators and sent a positive signal for long-term growth.
US$2,000 target is on the agenda
Experts believe that strong on-chain data increases the possibility of Ethereum retesting the $2,000 mark. The rise in online transaction volume and usage shows that funds are not only flowing into the ETH price itself, but also directly into the Ethereum ecosystem. This phenomenon is interpreted as meaning that this round of rise is not just due to speculative buying.
Despite the positive data, CryptoQuant emphasized the need to be vigilant against gains. The company's analysis shows that the difference in trading volume between the currency EY renewal contract and the spot market remains high. This suggests that the main driving force for recent price movements is not spot purchases by long-term investors, but driven by leveraged futures positions.
Binance data attracts attention
Binance's recent stablecoin inflows have also increased significantly. Daily net stablecoin inflows surged by about 370% to more than US$58 million, indicating that new funds have entered the market, but most of them are said to have not yet flowed to the spot market. On the other hand, Binance funding rates have risen to more than 200% of the nearly 90-day average, indicating that investors have increased their use of leverage. Analysts said over-leveraged positions could put pressure on prices if spot demand fails to strengthen.
Ethereum continues to demonstrate strong fundamentals with record network usage, declining transaction fees and rapidly growing developer activity. These data provide support for the $2,000 target, but it is worth noting that this round of gains relies heavily on leveraged trading in the futures market. Experts believe that if Ethereum wants to transform its upward trend into lasting momentum, it will need strong investor demand in the spot market.
