Despite sluggish on-chain metrics and low gas fee usage, Ethereum has continued to show surprising price strength, according to a recent analysis by Matrixport.
The crypto finance firm highlighted that ETH’s current resilience isn’t purely driven by fundamentals, but by several underlying market dynamics.
One of the key drivers is growing institutional interest. Matrixport notes that large investors are increasingly viewing Ethereum as a store of value, akin to “digital gold,” and incorporating it into broader portfolios.
Another factor is the consistent activity around stablecoins. Even with reduced network participation elsewhere, Ethereum remains the dominant platform for stablecoin issuance—sustaining liquidity and transactional relevance.
Matrixport also pointed to upcoming U.S. legislation around stablecoins, particularly the GENIUS bill, which could improve regulatory clarity. If passed, the bill may further boost institutional confidence in Ethereum’s long-term viability.
Seasonal patterns also play a role. Historically, July tends to be a stronger period for ETH performance, and Matrixport believes current price action is partially influenced by this seasonal strength.
Technically, the report identifies $2,500 as a crucial support level. Holding above this range is seen as essential for maintaining bullish momentum heading deeper into the summer.
Alexander Zdravkov
Reporter at Coindoo
Alexander Zdravkov is passionate about questions of meaning. He is a fluent German speaker as well as He has been in the crypto space for more than three years and has an eye for spotting emerging trends in the world of digital currencies. Whether providing in-depth analysis or reporting on all topics on a daily basis, his deep understanding and enthusiasm for what he does makes him a valuable addition to the team.
Source: https://coindoo.com/ethereum-defies-weak-network-activity-as-price-holds-firm/