What’s Ahead for Ethereum, According to Former Core Developer

Former Ethereum core developer Eric Conner has outlined a compelling bullish thesis for Ethereum (ETH), pointing to a convergence of on-chain data and institutional flows that could set the stage for a significant price surge.

In a recent analysis, Conner highlighted three critical factors fueling upside momentum: surging stablecoin activity, aggressive accumulation via spot ETH ETFs, and a sharp decline in exchange-held ETH reserves.

Stablecoin Activity Rivaling Visa

According to Conner, stablecoin transfer volume has risen steadily for 21 consecutive months, with monthly settlement activity now comparable to Visa’s transaction volume. This explosive growth in stablecoin usage reflects persistent demand for Ethereum’s block space, effectively turning the network into a high-throughput financial settlement layer. Conner described this phenomenon as creating a “cash engine” for ETH, anchoring its long-term utility and value.

Exchange Supply at Historic Lows

Conner also noted that the amount of ETH held on centralized exchanges has dropped to just 9 million coins—the lowest level recorded since 2015. With supply tightening and investor behavior signaling long-term holding, the reduced availability on exchanges strengthens upward price pressure and lowers sell-side liquidity risk.

ETF Inflows Add Institutional Weight

The analysis further pointed to strong inflows into newly launched spot ETH ETFs, reflecting growing institutional interest in Ethereum as an investable asset. These inflows, combined with shrinking exchange balances, suggest that ETH is increasingly being taken off the market and locked in long-term custody structures.

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Price Poised for Violent Move

While ETH has been consolidating between $2,400 and $2,600, Conner believes this low-volatility phase may be a calm before the storm. He argues that a decisive breakout above the $2,600 resistance level could trigger a “fast and violent” move to the upside as sidelined demand reactivates.

As technical and fundamental forces align, Ethereum may be on the verge of its next major leg higher.