Ethereum is currently experiencing a significant moment as its network achieves a record transaction load, with an average of 364.52 transactions per second (TPS) over the past week. This surge in activity coincides with a shift in the net supply of ETH, which has now turned modestly inflationary.
According to data from ChainCatcher, peak throughput for the network reached an impressive 24,192 TPS, indicating a robust increase in activity across the entire Ethereum ecosystem. Notably, Layer 2 solutions have been instrumental in this growth, accounting for approximately 95.35 percent of the total TPS. This underscores the vital role that these scaling solutions play in managing user demand and optimizing workloads away from the main chain.
Additionally, the decentralized exchange Perp DEX Lighter has significantly contributed to this traffic, highlighting the ongoing trend of trading and derivatives activities migrating toward Ethereum”s Layer 2 solutions.
In the past week, Ethereum”s supply has also seen a rise, with net issuance increasing by 18,019 ETH, bringing the total supply to 121,234,582 ETH. This translates to an annual growth rate of approximately 0.776 percent, indicating a mild inflationary trend following periods of low on-chain fees and reduced burn activity. This shift contrasts with previous periods where demand outstripped supply, leading to deflationary pressure.
From a technical analysis perspective, Ethereum”s price chart reveals a recurring three-wave pattern identified by analysts as ignition, correction, and expansion. The current price movement appears to align with this pattern, as the asset experiences a pullback from recent highs and approaches a designated “discount zone.” This area is seen as a potential launchpad for the next significant upward movement.
The chart analysis indicates that the price is currently situated within the lower half of a broad ascending channel, a region where previous corrections have stabilized before rebounding. The support zone identified lies in the mid-$2,000 range, which has historically served as a base for upward momentum in prior cycles.
Furthermore, the analysis projects a potential third wave following the established pattern, as the dotted trajectory on the chart illustrates a possible path forward. This recurring three-stage wave sequence has been observed across multiple years, demonstrating a consistent market behavior that traders are beginning to recognize as a significant structural element in Ethereum”s price dynamics.
