🚀 Ethereum’s ETH Supply: A Tale of Scorching Burns & 674K Wallets!

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TL;DR

  • Ethereum’s active addresses hit 674K—a number so large it might actually mean something this time. 🚀
  • EIP-1559 burns ETH like a campfire on a crypto-campsite, keeping supply tighter than a snappy one-liner.
  • $3,200–$3,350 and $2,950–$3,050: Support zones so dramatic they belong in a Chekhov play. 🎭

Rising Network Usage and On-Chain Growth

Ethereum (ETH) is staging a performance of on-chain activity so thrilling, even the most jaded blockchain enthusiasts are clapping politely. Daily transactions? Highest in a year! Active wallets? Rising faster than a soufflé in a 1920s Parisian bakery. According to analyst Cas Abb, this isn’t speculative FOMO—it’s *actual* adoption. Or, as we call it in the theater of crypto: “Act I, Scene Where Everyone Pretends This Time Is Different.”

#Ethereum is showing signs of quiet but strong growth onchain.

Daily transactions have climbed to their highest levels in more than a year, showing that usage is not just steady but accelerating.

More users are engaging, with active addresses and new addresses both trending…

— Cas Abbé (@cas_abbe) August 3, 2025

Merlijn The Trader reported active addresses soaring above 674,000—the highest since the last bull market. In 2021, this spike preceded a rally. Today, it’s either a hopeful omen or a statistical ghost. 🎻

Supply Pressure Eases as ETH Burns Continue

Ethereum’s supply is tighter than a pair of Victorian-era corsets thanks to EIP-1559’s relentless burns. Net emissions hover near zero, proving ETH can stay scarce even when markets throw a tantrum. Institutional ETFs? $154.3M in inflows last week. Investors, it seems, are buying the dip like it’s a clearance sale at a luxury store. 💸

Price Action and Key Technical Levels

ETH trades at $3,550—a 3% gain in 24h but down 9% weekly. Michaël van de Poppe, the soothsayer of crypto, has pinpointed two support zones: $3,200–$3,350 (the “mild panic” zone) and $2,950–$3,050 (the “sell the farm?” zone). As he so poetically tweets:

I wouldn’t be surprised if $ETH is going to go to the lows one more time and then reverses back up.

Ideally, it’s down around 15% from the high and that’s not a bad spot to start accumulating your positions.

The next stop, if it goes back up, is going to be north of $4K.

— Michaël van de Poppe (@CryptoMichNL) August 3, 2025

The RSI is neutral-to-weak, like a lukewarm cup of tea. Ali Martinez whispers of $2,924 and $2,750 as “key support levels.” The drama! 🕵️

Market Outlook and Seasonal Context

August, the month of mixed crypto vibes. ETH dropped double-digits in 2023 and 2024 but soared 36% in 2021. Van de Poppe bets on $4K if support holds. Meanwhile, Eric Trump tweets a cryptic “buy the dip” 🔥, and traders stare at screens like hawks. Will history repeat? Or is this a new act entirely? 🎭

Disclaimer: No wallets were harmed in the writing of this article. Results may vary. Check your local blockchain for side effects like FOMO or existential dread. 🚨

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2025-08-04 14:00