It is only natural if you are following the ETH price action and are surprised by the lack of any major moves lately. At the moment, it trades at around $1,920, a level that is about 60% belo
It is only natural if you are following the ETH price action and are surprised by the lack of any major moves lately. At the moment, it trades at around $1,920, a level that is about 60% below its highest level in late 2025 of almost $4,800. The interesting part is that the network itself is telling a very different story.
One strong indicator is transaction volume, with Ethereum processing more than 20 million transactions per week, an amount that is even greater than the network had to process at various points throughout the bull run of 2021.
Another chart shared by Tanaka worth watching tracks USDC and USDT activity on Ethereum. The stablecoin supply, when aggregated, has stayed at around $165-$167 billion. Yes, there has been a peak close to $190 billion in late 2025, but the liquidity is down from that level now. However, the Ethereum network still makes one of the biggest settlement layers for the on-chain dollars.
If you’re not bullish enough on $ETH, look at Ethereum in these four charts:[1] Weekly transaction activity recently pushed above 20M, showing that Ethereum usage remains near historical highs.[2] Stablecoin supply is still around $167B, keeping Ethereum one of the largest… https://t.co/m0caXx9bBxpic.twitter.com/whVDOBlEHQ
— Tanaka (@Tanaka_L2) August 8, 2026
It is still an impressive amount of capital being pumped into the network. A number of people have noticed the dollar value of staked ETH falling from above $170 billion to somewhere between $75-$80 billion. This sounds like bearishness, until you start looking into details.
What happened here is that the reason behind this fall was the decrease in the value of ETH itself, and not the unstaking activity. This means that the staking rate is quite high, and the majority of the circulating supply is still locked into the security of the network.
Read Also: Crypto Price Prediction for Today, August 9: Solana (SOL), XRP, and Ethereum (ETH)
The monthly Ethereum chart shared by Ali Martinez is probably the most interesting of the four. A TD Sequential “9” buy signal has appeared near the current ETH price around $1,919. The last time this signal showed up on the monthly chart was near the 2022-2023 bear market bottom, and Ethereum later rallied about 236% from that area.
Source: X/@alichartsThere is also an A13 exhaustion signal near the current level, which technicians often interpret as evidence that a long decline may be running out of steam. No indicator guarantees another 236% rally, but this is not a signal that appears often.
Ethereum’s on-chain balance breakdown shows roughly $167.13 billion in tracked balances, and centralized exchanges hold about $65.37 billion, or roughly 39% of that total. That can be viewed in two ways. It represents potential sell pressure, but it also represents capital that could quickly move into DeFi, staking, or long-term storage if market sentiment improves.
Right now, Ethereum looks less like a market in panic and more like a market waiting for a catalyst. Transaction activity is strong, stablecoin liquidity remains huge, and staking continues to lock up a meaningful portion of supply.
In order to build momentum for the bullish scenario, it is essential that Ethereum recovers above the $2,000-$2,100 level with higher participation. Losing the larger $1,500-$1,600 range on a monthly basis could weaken the overall setup significantly.
The big takeaway is simple: the ETH price has been under pressure, but Ethereum’s core network metrics have not. That disconnect is exactly why many long-term investors are watching this zone so closely.
The dollar value of staked ETH has fallen because the ETH price is lower, but the proportion of ETH that is staked remains elevated. That means a substantial amount of supply is still locked in network security.
How far is Ethereum from its all-time highEthereum’s late-2025 peak was close to $4,800, so the current price is roughly 60% below that high.
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The post Ethereum Price Prediction: These Charts Show Why ETH is Worth Watching appeared first on CaptainAltcoin.
