Ethereum Hits New All-Time High, But in Transaction Count

Ethereum is showing strong momentum as it set a new all-time high in network usage. According to current market data, daily transactions rose to approximately 1.88 million. This uptick reflects heightened user engagement and growing demand for block space.

The asset’s price is climbing too, but still shy of its 2021 peak. ETH currently changes hands at $4,688 reflecting a 9.8% surge in the last 24 hours. It is now testing the critical resistance zone just below its historical all-time high of $4,750.

According to analysts, if Ethereum’s price rises above $4,750 while maintaining high network activity, it could lead to new price levels. Conversely, if sellers hinder progress near the all-time high, the price may trade sideways for a while. It could also drop toward the $3,950 support level.

Ethereum’s Relentless Rally

Ethereum is now just inches away from reaching a new record high for the first time since November 2021. The altcoin would need to rally by roughly 3% to achieve such a feat. This seems doable given the strength of its current momentum. A look at market sentiment shows that the belief in a new all-time high is unwavering.

Key factors driving this surge include increased institutional interest via stablecoin flows. In the past four weeks, Ether has soared over 50%, thanks to the recently passed GENIUS Act, which clarifies regulations for dollar-backed stablecoins.

Moreover, the altcoin has seen a trend of institutional adoption, highlighting its mainstream acceptance. Both ETH-treasury-holding companies and U.S. spot ETH ETFs have accumulated about 1.6% of the total ETH supply each since June. On Monday, the product experienced a record of over $1 billion inflow, marking the highest single-day inflow since its launch.

Bullish ETH Forecast

Several proponents have shared their bullish predictions for the altcoin. In a recent forecast, Standard Chartered raised its year-end target for ether from $4,000 to $7,500. Kendrick cited improvement in industry engagement and an uptick in holdings of the cryptocurrency in recent months.

Additionally, the brokerage has raised its 2028 year-end Ether forecast from $7,500 to $25,000. The analyst anticipates that Ethereum treasury companies could boost their holdings to 10% of the total ETH in circulation.

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