Ethereum Transaction Activity Surges as Analysts Predict Breakout Toward $10K

• The number of transactions on Ethereum has reached an all-time high since 2023, with activity on the chain rising.
• Analysts expect it to be as high as $3,200 to a target of as high as $10,000.
• Altcoin season indicators are flashing, and Ethereum might lead the next great rally.

Ethereum’s network is recording its highest transaction count since 2023, with over 1.5 million confirmed daily interactions, based on recent CryptoQuant data. The increase suggests mounting activity amid growing investor interest. At the same time, ETH trades at $2,427 with a 24-hour volume of $11.74 billion and a market cap of $293.07 billion, showing steady traction in the face of market volatility.

$ETH on-chain activity is spiking.

The sleeping giant is about to wake up! pic.twitter.com/1Pq6L0g5hH

— Crypto Rover (@rovercrc) June 28, 2025

While the price remains below the $2,500 mark, analysts note a visible divergence between network activity and price consolidation. Active address metrics also show a modest rise, with over 356,000 unique daily users participating on-chain. This suggests more Ethereum wallets are interacting with the blockchain, reinforcing user-level engagement across smart contracts, NFTs, and DeFi protocols.

Analysts Eye Wyckoff Breakout Toward $3,200 and Beyond

Crypto analyst Mikybull tweeted that Ethereum recently completed the Wyckoff reaccumulation test successfully. Chart-based technical analysis indicates that a consolidation or correction period is completed and a breakout trend may ensue. He identified the range of $3,200 as a potential breakout point and stressed the possibility of a bull run ahead.

ETHEREUM IS DONE WITH ‘TEST’ ON WYCKOFF RE-ACCUMULATION SCHEMATIC

BIG RALLY INCOMING https://t.co/quQqHW2kVH pic.twitter.com/Mu5LcjZvcz

— Mikybull 🐂Crypto (@MikybullCrypto) June 26, 2025

Echoing this view, XForceGlobal labeled Ethereum’s price behavior as “objectively bullish” after a move toward $2,800. Using Elliott Wave analysis, he forecasted a rally toward $9,400, with new all-time highs anticipated later in the cycle. Historical cycles and renewed accumulation among whales support this outlook, aligning with current transaction and address surges.

Source:X

Market analyst Michel van de Poppe also contributed, stating that ETH’s position is structurally strong above $2,400. He indicated that the market could well be looking at higher upward resistance in the near future as long as support at the 100-hour SMA holds. Although it was rejected at around $2,520, ETH had a sense of strong support at its structure, which was indicative of resilience.

Altcoin Season Indicator Adds Momentum

Ethereum activity has boomed recently, as there are precursors of an imminent altcoin season. The Altcoin Season Index has started to flash, and multiple analysts anticipate a wide rally across non-Bitcoin assets. The ranking of Ethereum as the second-largest crypto asset has the potential to become a leader in this next leg of growth.

Bitcoin’s dominance has increased to 65.77% yet records indicate that altcoins tend to perform better in the succeeding weeks when bitcoin dominance stands at around 70%. As Ethereum fundamentals converge into on-chain, technical analysis, and the wider markets, investors are gearing up and anticipating a potential significant price increase.

Source: Coinmarketcap

Ethereum is gaining traction toward a significant breakout as major indicators continue rising in value. According to analysts, should the trend continue, ETH could revisit $3,200, then make its way to new highs between the $9,000 -$10,000 area.

Source