Tightening Supply Can't Break Ethereum Out of Its Trading Range

Ethereum's on-chain activity has seen a significant surge over the past three months, with network usage expanding and liquid supply across exchanges shrinking.

New smart contracts increased by 82.3%, median transaction tips climbed more than 100%, and transfer volumes across externally owned accounts and smart contracts advanced between 50% and 80%.

Despite Ethereum remaining confined to a trading range of $1,840 to $1,950, the underlying network reflected stronger utilization rather than speculative activity alone.

The exchange participation cooled considerably, creating a notable divergence between blockchain activity and market trading.