• The Block reports a 5.7% monthly decline in Ethereum trading volume.
• The ETH price has rebounded after testing the $1,600 threshold.

There has been a notable uptick in the number of transactions made to distinct addresses on the Ethereum network, with the daily peak hitting 467,000. This notable uptick is a potent sign of growing prominence. Investors have been keeping a close eye on Ethereum network activity since the first Ethereum-based ETF applications were announced on June 16th. All eyes are now on the U.S SEC over the approval of ETF proposals.

Moreover, according to data provided by Dune Analytics, the total value of ETH staked increased by a whopping 95% over the course of a year, from $22 billion to $41.6 billion. Lido currently controls 32.37 percent of all Ethereum that has been staked, more than four times as much as the next largest player, Coinbase, which controls 8.7 percent.

Furthermore, after MakerDAO said they would switch to rival blockchain Solana, Ethereum co-founder Vitalik Buterin liquidated the last 500 MKR tokens he owned.

Breakout Likely

According to CMC, the price of ETH is $1638 and is down 0.18% in the last 24 hours, with the trading volume up 21%. Moreover, The Block reports a 5.7% monthly decline in Ethereum trading volume.

The ETH price has rebounded after testing the $1,600 threshold. At the time of writing the price is consolidating in a tight range. If it manages to break the key $1600 support level then it might decline all the way till $1430 range. In order to start an upward rally, the price needs to clearly break above the $1650 level. Post which it will likely test the $1700 mark.