Ethereum (ETH/USDT) price candlestick chart. Source: TradingView {
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Ethereum On-Chain Data: Staking, Supply, and Fees
The on-chain analysis of Ethereum shows a healthy network:
- ETH in staking: 36.1 million (~30% of the supply).
- Active validators: over 1 million.
- Circulating supply: ~121 million ETH, generally neutral/deflationary (Ultrasound.money).
- Gas fee: days with costs lower than 1 gwei → almost free transactions.
- Active wallets: ~510,000 per day.
- DeFi TVL on Ethereum L1: $93 billion, dominated by Lido, Aave, Maker, and Uniswap (DefiLlama).
Ethereum DeFi, NFT and Layer 2
Ethereum remains the cradle of decentralized finance.
- DeFi: consolidation of “blue chip” protocols (Lido, Maker, Aave).
- NFT: Ethereum maintains the leadership, with Solana as the only significant competitor.
- Layer 2: Arbitrum, Base, and Optimism in strong expansion, with millions of users and growing TVL (L2BEAT).
Technological Development: Pectra Upgrade and Roadmap
The Pectra upgrade (May 2025) introduced:
- EIP-7702 → simplification of account abstraction.
- UX improvements and reduction of operational complexity.
The next steps of the roadmap:
- The Purge → streamlining of the network.
- The Splurge → new optimizations.
Ethereum confirms itself as the blockchain with the highest number of active developers in the world.
Adoption and Use Cases: ETF and Stablecoin
- ETH spot ETF: record inflows and opening to institutional investors.
- Payments: Visa extends settlement in stablecoin to include PayPal’s PYUSD on Ethereum.
- Banks: J.P. Morgan expands tokenization with the Onyx platform.
Ethereum is increasingly entering global financial processes.
Regulation
- USA: ETH ETFs approved by the SEC, market on the rise.
- EU: MiCA in implementation, rules on stablecoins already in effect.
- UK: draft regulatory framework for crypto and stablecoin.
Social and Media Sentiment
- Social dominance: peaks at 14% (LunarCrush data).
- Community: widespread enthusiasm, but also signs of euphoria.
- Santiment Analysis: watch out for possible profit-taking post-rally.
Ethereum vs competitor: Bitcoin, Solana and others
- Bitcoin: underperforming in August, with ETF outflows.
- Solana: strong on NFTs and network speed.
- BNB Chain and Avalanche: vibrant ecosystems but less attractive for developers.
Ethereum + Layer 2 remains the most robust and innovative ecosystem.
Ethereum Forecast September 2025
Opportunities
- ETF → attraction of institutional capital.
- Low gas fee → onboarding retail.
- Roadmap → further technological development.
Risks
- Possible technical correction after the +25% in August.
- EU and UK regulation in the process of being defined.
- Global macroeconomic volatility.
Scenario base: moderately bullish trend, target $4,700–$5,000, key support $4,200–$4,400.
Conclusions: 5 Key Takeaways
- Ethereum closes August at $4,390, with a +25.8% monthly increase.
- ETH spot ETFs attract billions, while Bitcoin sees outflows.
- Staking Ethereum at 36.1M ETH, with fees at historic lows.
- Growing ecosystem: DeFi ($93 billion TVL), NFT, and Layer 2 leading the way.
- After the Pectra upgrade, Ethereum strengthens its position as a technological and financial leader.
