Ethereum’s fundamentals remain robust, even in light of the prolonged price consolidation seen since late 2025. According to Altcoin Vector, the altcoin segment of the analytics firm Swissblock has recently achieved a remarkable milestone, hitting 2.88 million transactions. This may be seen as significant network usage and increased activity; however, Altcoin Vector warned that 80% of this activity was “systematic noise” and lacked quality. The firm pointed to recent scaling efforts as the “unintended” consequence of cheaper, lower-quality transactions. However, other network fundamentals have experienced robust growth as well. Ethereum staking has, for the first time, surpassed 30%, highlighting a robust demand for yield and the security of the network.
In the midst of the tokenization boom, which includes stablecoins, BlackRock has recently highlighted that Ethereum dominates more than 65% of the total tokenized real-world asset market. The world’s largest asset manager suggests that if the current momentum persists, it may prove advantageous for networks such as Ethereum. Beyond the on-chain fundamentals, institutional demand for ETH has remained strong over the past few quarters. According to Bitwise, Ethereum treasuries acquired 1.2 million ETH in Q4 2025, marking a significant 26% increase on a quarter-to-quarter basis. Despite strong network traction, Ethereum’s price was just managing to stay above $3k at press time. The asset experienced a decline of 40% from its peak of $4.9k reached in 2025.
Matt Hougan suggests that the “divergence” between price and fundamentals could indicate that a market bottom is near. Altcoin Vector reports that for ETH to sustain its mid-term bullish outlook, it is essential to reclaim and defend the $3,050 level as support. The potential upside targets are set at $3,250 and $3,650. Analysts at Altcoin Vector cautioned that if the price remains below $3k, it could give bears the confidence to push the altcoin down to $2,600.
“Bearish perspective: Consolidating a new downward market structure below this pivot could pave the way for a move toward lows under $2,600.” Ethereum’s transactions surged to an unprecedented 2.8 million, yet a significant portion of these were deemed ‘systematic noise.’ While there is notable network traction in staking and tokenization, ETH’s recovery hinges on reclaiming $3,050 as support.