Ethereum’s On-chain Volume Surges 288% — Is a Breakout Next?

Ethereum’s network just witnessed a seismic shift in activity.

According to crypto analyst Merlijn The Trader, Ethereum’s on-chain volume has exploded 288% in the past three weeks, marking one of the most aggressive spikes in network usage this year. But this isn’t just a random surge—it could signal a significant price move ahead.

Historically, rapid increases in on-chain volume tend to precede major rallies. Rising volume often reflects growing demand, increased wallet activity, and institutional repositioning. In Ethereum’s case, such a volume spike suggests capital is rotating into ETH, possibly in anticipation of an upcoming ETF approval, Layer 2 growth, or broader altcoin breakout.

Merlijn notes: “This isn’t a spike, it’s a signal. The money is moving. Capital is rotating.” His take implies that the recent volume rise is a structural shift, not just speculative noise. Ethereum is currently trading near the $3,100–$3,200 range, but if this volume trend continues, analysts expect a push toward the $3,800–$4,000 resistance zone, with some eyeing $4,500 as a pre-ETF breakout level.

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Adding to the bullish case, Ethereum is also outperforming Bitcoin in several metrics, including network fees and NFT volumes. DeFi activity is rebounding, and staking growth remains strong post-merge.

While short-term volatility can’t be ruled out, Ethereum’s rising on-chain volume may be the first sign that a new accumulation phase is underway—potentially setting the stage for the next major leg up in price.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.