Ethereum Shatters TPS Record With 24,192 Peak — Supply Turns Inflationary as Traders Target ‘Discount Zone’ Rally

Ethereum is entering a pivotal phase as its network processes record transaction loads, even while net supply turns modestly inflationary again. At the same time, traders highlight a repeating wave pattern with a fresh “discount zone” on the chart, framing the current pullback as a potential launchpad for the next major move.

Ethereum Network Sets New TPS Record as Layer 2s Lead Activity

The Ethereum ecosystem has set a new record for daily average transactions per second, according to data cited by ChainCatcher from growthepie. Over the past 7 days, average daily TPS reached 364.52, while peak throughput hit 24,192 TPS, underscoring how much activity is now flowing through the network’s broader stack.

Ethereum Daily TPS Chart. Source: Joseph Young/growthepie.com

At the same time, Layer 2 solutions accounted for about 95.35 percent of total TPS, highlighting their growing role in handling user demand and scaling workloads off the main chain. In addition, the Perp DEX Lighter contributed a significant share of this traffic, further reinforcing the shift of trading and derivatives activity toward Ethereum’s Layer 2 market.

Ethereum Supply Turns Net Positive Over the Past Week

Ethereum’s supply has ticked higher over the last seven days, with net issuance rising by 18,019 ETH, according to data from Ultrasound.money. The increase lifts the total supply to 121,234,582 ETH and reflects an annualized growth rate of about 0.776 percent.

At the same time, the figures show Ethereum running in a mildly inflationary mode after recent stretches of low on-chain fees and slower burn activity. The move contrasts with earlier periods when strong demand pushed more ETH to be burned than issued, briefly turning the asset deflationary.

Ethereum Chart Highlights Repeating Wave Structure

Meanwhile, Ethereum’s chart shows a recurring three-wave pattern that the analyst labels as ignition, correction and expansion. The structure appears across several points on the multi-year timeline, with each cycle forming inside a broad ascending channel. The latest swing sits in the second phase, where price has pulled back from recent highs and moved toward the analyst’s marked discount zone.

Ethereum Discount Zone Wave Structure. Source: Merlijn The Trader/X

At the same time, the chart places the current movement within the lower half of the channel, where previous retracements also stabilized before turning higher. The outlined support area between the mid-$2,000 region and the trendline reflects the zone where earlier corrections slowed, creating a base for the next major wave. This visual alignment underlines how the trader interprets the pullback as part of the same recurring structure rather than a break in trend.

Furthermore, the projection on the right side of the chart maps a potential third wave that follows the prior pattern’s rhythm. While the dotted path illustrates an illustrative trajectory, the chart’s main point is the repetition of this three-stage wave sequence across 2022, 2023 and 2025. The recurring formations and consistent reaction zones form the basis for the trader’s interpretation of the ongoing movement as another correction inside a broader rising channel.