Ethereum’s supply continues tightening while on-chain activity accelerates sharply, with new smart contracts rising 82.3% and median transaction tips climbing over 100%, yet the price remains range-bound between $1,840 and $1,950 due to weak demand and deeply negative stablecoin inflows at -120%. Large addresses reduced activity by nearly 40% over the quarter while retail participation increased, pushing the Whale vs. Retail Delta to -0.498. The Coinbase Premium stayed negative, indicating lack of institutional conviction despite the improving supply picture. Ethereum remains below the $1,945 resistance level with $1,830 as key support, and would need stronger institutional engagement to sustain a decisive breakout.
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