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$ETH, the native cryptocurrency of smart contract giant, Ethereum, is up roughly 3% during Friday’s U.S. market hours to trade at $2,254. The uptick follows a market-wide relief rally as no major news on geopolitics has emerged that could risk the temporary ceasefire between the U.S., Iran and Israel. In addition, the Ethereum price gained additional traction as networks daily transfers count has hit a new high, projecting an organic demand for the blockchain.
$ETH Transfers Hit 1.3M as Price Lags Near $2.1K
Ether transfer volume has shot up once more, with its seven-day simple moving average exceeding 1.3 million by the beginning of 2026. As per CryptoQuant data, this amount is equal to the last high in mid-February, so the metric is at one of its most robust points since its inception in 2016.
In the chart, two lines can be seen: price in USD (black) and the number of transfers (blue), and the seven-day SMA is superimposed. Transfer activity increased steadily up to 2025, having fallen in a late-2024 trough, and has recently soared to new heights. Daily transfers now frequently exceed one million, reflecting consistent network usage.
Conversely, the price of Ethereum has stayed at the level of approximately 2,100. This rests quite far lower than the all-time highs of the asset in previous market cycles, establishing a noticeable divergence between on-chain activity and market valuation as shown in the entire timeline.
Total transfer count is the sum of all transactions that transfer assets on the Ethereum blockchain, both direct transmissions, DeFi interactions, NFT activity and Layer 2 settlements. Increased volumes signify increased involvement within smart contract applications. Such transfers also contribute to gas fee consumption, which is part of the inherent mechanism of Ethereum that burns a fraction of fees, decreasing supply in the long term.
The figures show a continued blockchain activity despite the price action remaining in the range.
Ethereum Price Attempts a Bullish Breakout From Multi-Month Resistance Trendline
In the last two weeks, the Ethereum price witnessed a slow yet steady recovery from $1,937 to current trading price of $2,263. This upswing, backed by a significant surge in trading volume, gained additional momentum from the recent announcement of a 2-week ceasefire.
With today’s price jump, the Ethereum price signals a potential breakout from a six months resistance trendline at $2,250. If the breakout materializes with a daily candle closing, the buyers could strengthen their grip over the asset and drive a potential recovery to $2,374, followed by a lift towards $2,630.
On the contrary, if the sellers continue to defend this resistance, the Ethereum price could revert lower and may breach the 20 and 50-day exponential moving average to revisit $2,000 psychological level.