Increased activity on the Ethereum blockchain and wider adoption of layer-2 solutions is causing Ether (ETH) to approach $3,000.
ETH, considered the pioneer of the altcoin world, gained 16.2% on August 8. Although it tried to break above $2,600 on August 9, it had difficulty holding on here and the price pulled back. Although ETH encountered resistance at $2,700, it was noteworthy that it displayed a generally positive outlook.
ETH, which was expected to be in a bull run with spot Ethereum ETFs, has not yet been able to show the performance that would meet these expectations. However, on-chain data reveals that ETH is still in a strong position.
Ether (ETH) Finds Strong Support
The Ethereum blockchain is witnessing significant developments. The demand for ETH and the increased activity on the blockchain led to more ETH being burned, which reduced the inflation rate. As a result, ETH gained momentum. According to the data, decentralized application activity on Ethereum increased by 55%.
At the center of the activity surge on the Ethereum network is Uniswap. This popular decentralized exchange is followed by 1inch and CoW Swap. Other exchanges have also made significant contributions. According to DefiLlama data, decentralized exchanges on Ethereum have processed $21 billion in trading volume in the last seven days. This figure surpasses the $14.4 billion trading volume of its closest competitor, Solana.
The total value of locked assets (TVL) on Ethereum increased by 9.4% over the past month to $19.7 million, the highest amount since November 2022. Activity on Ethereum’s layer-2 solutions also reached an all-time high. Ethereum scaling projects reached a total TVL of $36.7 billion. Projects such as Base, Arbitrum, Blast, Optimism, and Mantle are further supporting Ethereum.
Considering all this data, the $3,000 target for ETH seems achievable. Depending on market sentiment, ETH is likely to experience sharp increases in the near future.
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