Ethereum (ETH) is showing modest growth amid broader market strength, yet remains below the key resistance level of $3,000. While the price action appears stagnant on the surface, the network's internal metrics tell a different story.

On June 25, Ethereum processed 1,750,940 confirmed transactions — the third-highest daily figure in its history. This marks a break in the downward trend in network activity seen over the past several months. For context, the all-time high of 1,961,144 transactions was set on January 14, 2024.

This metric includes all network operations: ETH transfers, DeFi interactions, smart contract executions, and DApp usage. A spike of this magnitude, despite stable pricing, may indicate the early stages of accumulation.

Meanwhile, both institutional and retail interest remains solid. Exchange reserves of ETH are stable, while Layer-2 networks like Arbitrum and Optimism continue to absorb growing demand. According to CryptoQuant, these signals point to Ethereum’s structural resilience and renewed attention from the crypto ecosystem.

Whales Step In Strong

Large investors are actively accumulating ETH. In the past 30 days alone, institutional purchases have exceeded $422 million. A notable example is a $8.91 million transaction through Galaxy Digital, highlighted by investor Ted Pillous.

Such moves from major players often precede market reversals. The combination of strong on-chain fundamentals and sustained accumulation suggests Ethereum could be significantly undervalued at this stage.

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