Ethereum Monthly Transactions Reach Record High of 46.99 Million

Ethereum (ETH) has experienced over an 11% pullback after reaching all-time highs, raising questions about its short-term direction. Key points include:

Recent volatility and selling pressure have tested investor confidence.
On-chain activity remains robust, indicating strong fundamentals despite price fluctuations.
Monthly transactions reached a record of 46,990,000, highlighting continued adoption across DeFi and NFTs.
Whales are accumulating ETH during this market correction, suggesting long-term confidence in the asset.
Current trading around $4,362 is near critical support at $4,300, which must hold to prevent deeper declines toward $4,175.
Resistance levels are set at the 50-day moving average ($4,558) and the 100-day moving average ($4,490).

If support holds, Ethereum may attempt to rally toward previous highs above $4,800 in the coming weeks.