Ethereum’s on-chain metrics are flashing renewed strength as stablecoin liquidity hit a record $163.5 billion in September 2025, up from $152 billion in August. That influx of cash is supporting decentralized finance and exchange activity across the network and coincides with robust fee capture: Ethereum generated $99.1 million in network revenue over the past 180 days, underlining steady demand for blockspace and continued willingness to pay gas fees.
DeFi activity remains centered on Ethereum, with total value locked (TVL) at $90.9 billion. TVL has dipped slightly in the past 24 hours but remains close to yearly highs, signaling resilient usage of lending, trading, and staking products. Network usage statistics back this up:
- One-day active addresses: 540,717
- New addresses (one day): 64,794
- Daily transactions: 1.66 million
Market structure is currently sideways. ETH has traded around $4,360 after nearly two weeks of consolidation. Technicals show immediate resistance at $4,500, with a potential upside target near $4,883 if buyers break through. On the downside, support clusters sit between $4,200 and $3,880, giving traders clear levels to watch. The accumulation map places ETH in the “Steady” zone, a range historically associated with long-term investor positioning rather than panic selling or euphoric buying.
What this means for price: record stablecoin liquidity and elevated network revenue increase the probability of deeper liquidity and stronger price support, but the market’s current sideways behavior suggests traders are still assessing catalysts. Continued growth in stablecoin supply and active on-chain metrics could feed further DeFi depth and trading velocity, which would be constructive for ETH if macro conditions remain favorable.
Traders and investors should watch the following for clues on whether a larger rally is forming:
- Stablecoin inflows — continued expansion of liquidity available for trading and DeFi.
- Blockspace demand — fees and network revenue as indicators of trading velocity and activity.
- Price band to monitor — the $4,200–$4,500 range for signs of support or a breakout.
