Key Points:
Ethereum's on-chain activity has structurally increased, indicating sustainable growth.
Institutional capital inflows and RWA tokenization have become the main drivers of ETH demand.
Technically, the potential bottom range is between $4100 and $4250.
The on-chain activity of Ether (ETH) has entered what analysts call a "new normal," with sustained network participation and a continuous rise in institutional capital flow being the clearest fundamental catalysts for the continuation of the bull market.
According to CryptoQuant data, the volume of Ethereum on-chain contract calls (a metric used to track complex network interactions such as DeFi and real-world asset (RWA) tokenization) has shown a structural shift since mid-July. The average daily call volume has risen from 7 million to over 9.5 million, indicating a lasting enhancement of ecosystem depth rather than short-term speculative growth.
Analysts attribute this surge to three main factors: the clarification of U.S. stablecoin regulations, record institutional capital inflows into Ethereum spot ETFs, and the intensifying reserve competition as enterprises accumulate ETH as a long-term asset.
These trends are reshaping the demand dynamics for Ether, which is expected to drive Gas usage and staking participation to historical highs in 2025.
The expansion of the RWA sector also reflects this growth. According to RWA.xyz data, the value of tokenized real-world assets has grown from $1.5 billion on January 1, 2024, to $11.71 billion in 2025, an increase of nearly 680%.
Ethereum remains the dominant base layer, holding a 56.27% market share, nearly five times that of ZKsync Era's 11.83%. The BlackRock BUIDL fund, as the largest RWA tokenization product, accounts for about $2.4 billion solely on Ethereum.
The market shows a preference for the ETH network, partly due to its reliable record of zero downtime since its inception. In contrast, competitor Solana has experienced at least seven major downtimes in the past five years.
However, Solana's most recent major downtime occurred in February 2024, over a year ago.
Ethereum's decline continues, sharply dropping to $4300 on Thursday, marking the fourth rejection near the $4800 resistance in less than ten weeks. The price ceiling highlights the market's ongoing hesitation at higher levels, with liquidity remaining highly concentrated.
After a brief attempt to stabilize around $4400, ETH struggles to regain momentum, indicating that short-term sentiment remains cautious. Prices continue to fluctuate between the highs and lows of a higher time frame range, suggesting that traders are primarily interacting within established liquidity areas rather than initiating new trend formations.
Technically, Ether is approaching a key support zone between $4100 and $4250, which overlaps with daily and four-hour order book blocks, typically accompanied by higher buying activity. The four-hour RSI indicator is nearing the oversold zone, suggesting a potential bottoming out in the short term.
According to trader Crypto Caesar, while the possibility of dropping below $4000 still exists, this could become the final washout, laying the groundwork for an unexpected rebound to $10,000 later this month.
Supporting a long-term bullish view, investor Jelle points out that Ether has broken out of a horn pattern, which typically signals significant upward movement. The trader added:
Related: Bitcoin falls below $120,000, pessimistic data triggers a 10% price drop warning for BTC
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