Ethereum Record Surge: 2.2 Million Transactions and Low Fees Signal Potential $4K Breakout

Ethereum’s mainnet recorded a new daily transaction high this week, reaching 2.2 million transactions in a single day. This milestone, confirmed by block explorer Etherscan, highlights the growing adoption and usage of the layer-1 blockchain.

Average transaction fees have dropped sharply to just $0.17, a remarkable fall from the $200 peak seen in May 2022. Even during the October 10 liquidation event, when fees briefly spiked to $8.48, the network has demonstrated sustained efficiency improvements.

Source: Etherscan

Historically, high fees on Ethereum led users to turn to layer-2 solutions and other blockchains with lower fees. But now that mainnet transaction volume is up so significantly, it appears users have begun to return.

Additionally, activity from developers appears to agree with this trend. Token Terminal recorded a record number of new smart contracts deployed on Ethereum in Q4 at 8.7 million.

Also Read: Ethereum Price Tightens Below $3,100, Upside Target Near $3,700

Impact of Ethereum’s Pectra and Fusaka Upgrades

Ethereum started the year 2025 by undertaking two significant upgrades in the network, Pectra and Fusaka. The two upgrades improved the efficiency and scalability of the network considerably.

The Pectra upgrade was undertaken in May and aimed at improving the efficiency of validators and making their joining process easier in the network. This was followed by the Fusaka upgrade, which increased the gas limit from 45 million to 60 million per block.

Going back to earlier in the month of February, more than 50% of the total Ethereum validators have already expressed support for the gas limit.

The two improvements not only enable the network to process a larger volume of transactions but also set the foundation for the expansion of the network in the future.

Ethereum Eyes Upside Amid Wyckoff Accumulation

The price of Ethereum at the current point is approximately $2,981.57. Some market analysts believe there are patterns emerging that will propel the markets further upwards.

Wyckoff accumulation patterns seem to be emerging, with Merlijn The Trader observing that Ethereum’s price has been holding steady while accumulation patterns build before a price breakout, meaning higher lows are being established.

Another analyst, Crypto Tice, also held the same views. According to him, if the accumulation process is over and ETH breaks out through some important resistance, it may go higher for a short while.

Traders anticipate the testing of resistance at around $3,300 to $3,500. If Ethereum succeeds in overcoming these levels with further buying strength, it may target the next level of $4,000.

Source: X

Also Read: Can Ethereum (ETH) Reach $5,000 by January 2026? Three Factors to Watch