Bitcoin 
Ethereum 
XRP 
Tether 
BNB 
Solana 
USDC 
Lido Staked Ether 
Dogecoin 
TRON 
Cardano 
Wrapped stETH 
Wrapped Bitcoin 
Hyperliquid 
Stellar 
Sui 
Chainlink 
Wrapped Beacon ETH 
Bitcoin Cash 
Hedera 
Wrapped eETH 
Avalanche 
WETH 
Litecoin 
LEO Token 
Toncoin 
Ethena USDe 
Shiba Inu 
USDS 
Binance Bridged USDT (BNB Smart Chain) 
Coinbase Wrapped BTC 
WhiteBIT Coin 
Uniswap 
Polkadot 
Monero 
Bitget Token 
Pepe 
Cronos 
Ethena Staked USDe 
Aave 
Dai 
Ethena 
Bittensor 
NEAR Protocol 
Ethereum Classic 
Pi Network 
Aptos 
Ondo 
Internet Computer 
Jito Staked SOL 
OKB 
Mantle 
Kaspa 
BlackRock USD Institutional Digital Liquidity Fund 
Pudgy Penguins 
Binance-Peg WETH 
Algorand 
Bonk 
USD1 
Arbitrum 
VeChain 
Cosmos Hub 
Gate 
Render 
POL (ex-MATIC) 
Fasttoken 
Worldcoin 
Official Trump 
Artificial Superintelligence Alliance 
SPX6900 
Sei 
Sky 
Binance Staked SOL 
sUSDS 
Rocket Pool ETH 
Filecoin 
Quant 
Flare 
Kelp DAO Restaked ETH 
Story 
Lombard Staked BTC 
Jupiter Perpetuals Liquidity Provider Token 
XDC Network 
Jupiter 
KuCoin 
USDtb 
StakeWise Staked ETH 
Mantle Staked Ether 
Liquid Staked ETH 
Injective 
Curve DAO 
USDT0 
Celestia 
First Digital USD 
NEXO 
Optimism 
Renzo Restaked ETH 
Stacks 
Polygon Bridged USDT (Polygon) 
Falcon USD 
Over the past week, 7,728 Ethereum (ETH) tokens worth above $20 million at current market prices have been added to circulation. This has pushed the altcoin’s circulating supply to a six-month high of 120.39 million ETH. The surge in circulating supply could exert downward pressure on Ethereum’s price if demand does not keep pace with the influx of new coins.
This analysis outlines key price levels that holders should monitor as this happens.
Ethereum Experiences Decline in Usage
Ethereum’s circulating supply refers to the number of ETH coins available to the public. It does not include coins that are locked, reserved, or otherwise unavailable for trading.
According to data from Ultrasound Money, 7,728 ETH coins worth more than $20 million at current market prices have been added to circulation over the past seven days. This surge in ETH’s circulating supply typically happens when user activity on the Layer 1(L1) network drops.
Ethereum Circulating Supply. Source: Ultrasound Money
On-chain data from Artemis confirms this decline. Over the past week, the daily count of unique on-chain interaction on Ethereum has plunged by 3%.
Due to this fall in transaction count on Ethereum, its network fees have also plummeted. According to the data provider, this has fallen by 43% during the period in review.
Ethereum Network Activity. Source: Artemis
When Ethereum’s daily transaction count drops, it signifies a decrease in network activity and usage. This reduced demand for the network can negatively impact ETH’s price, and this has played out over the past few days.
While the 3% drop in ETH’s value over the past 24 hours mirrors the general market decline, the drop in user activity on the Ethereum network also plays a role, as it directly impacts the demand for the leading altcoin.
ETH Price Prediction: Why Network Activity Must Improve
Ethereum is currently trading at $2,619, hovering just above key support at $2,579. If market activity slows further and demand for the altcoin weakens, the bulls might struggle to hold this support. Ethereum’s price could decline toward the next major support level at $2,264 in such a scenario.
Ethereum Price Analysis. Source: TradingView
On the other hand, an increase in Ethereum’s network activity could boost demand for the altcoin, positively impacting its price. If this occurs, Ethereum’s price could rebound and rally toward $3,336.
