Ethereum price supported by strong on-chain growth
Ethereum continues to strengthen its fundamental position despite relatively weak price performance. Improving on-chain metrics and easing geopolitical tensions are gradually supporting a broader market recovery.
Ethereum continues to post strong on-chain growth despite its lackluster medium-term price action. According to Bitwise, wallet activity on the Ethereum network increased roughly 13-fold in the second quarter of 2026 compared with the same period a year earlier. Total value locked (TVL) in DeFi rose by more than 60%, while the value of stablecoin assets on Ethereum doubled compared with the lows of the 2022 bear market.
These metrics reinforce the view that Ethereum's ecosystem continues to expand even though its price has yet to reflect the improvement in network fundamentals.
Another positive development has been the gradual easing of geopolitical tensions in the Middle East. Although risks remain, the market is no longer reacting as sharply to headlines from the region, helping to improve investor appetite for risk assets.
Ethereum needs to break $1,850 to extend its recovery
On the daily chart, ETH has stalled at the 50-day simple moving average (SMA) near $1,775. Buying momentum remains insufficient to push the price decisively above this technical barrier.
The primary resistance zone remains $1,800–1,850. A breakout above this range would open the way toward the psychologically important $2,000 level.
On the downside, a move below the $1,700–1,750 support zone would significantly increase the risk of new local lows due to the potential formation of a double-top pattern.
The next major directional move will likely depend on whether buyers or sellers break through these key technical levels.
Ethereum still follows Bitcoin's lead
Ethereum's fundamentals remain strong, but its price action is still largely driven by Bitcoin. ETH has yet to demonstrate sustained independent momentum separate from BTC.
An additional risk remains the geopolitical situation in the Middle East. Although recent headlines have pointed toward de-escalation, the situation remains fragile and could change quickly.
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