Ethereum's stablecoin supply has reached a record $163.5 billion in September, marking the largest liquidity influx into the network this year as the cryptocurrency trades sideways near $4,360. The network generated $99.1 million in revenue over the past 180 days, reflecting sustained demand for blockspace despite Ether's consolidation pattern.

What to Know:

• Ethereum's stablecoin supply climbed to a record $163.5 billion in September 2025, up from $152 billion in August, representing one of the strongest liquidity inflows this year
• The network generated $99.1 million in revenue over 180 days while recording 1.66 million daily transactions and 540,717 active addresses
• ETH trades near $4,360 with key resistance at $4,500 and support levels between $4,200-$3,880, while technical indicators suggest potential long-term momentum shift

Record Liquidity Drives Network Activity

The surge in stablecoin liquidity from $152 billion in August to $163.5 billion represents more than just numbers on a blockchain. This increase supports expanded activity across decentralized finance platforms and trading venues that rely on stable value tokens for operations.

Ethereum maintained its position as the dominant DeFi platform with $90.9 billion in total value locked, according to DefiLlama data. While this figure declined slightly over 24 hours, it remains near yearly peaks. The network processed 1.66 million daily transactions while recording 540,717 active addresses and 64,794 new addresses, indicating consistent user engagement across lending, staking and trading applications.

Analyst Cipher X noted the broader implications: "More liquidity means higher trading activity, deeper DeFi markets and stronger price support." The observation reflects how stablecoin reserves function as the foundation for much of Ethereum's economic activity.

Network revenue of $99.1 million over 180 days demonstrates users continue paying transaction fees despite alternative blockchain options. Yesterday alone, Ethereum generated $1.4 million in fees, outpacing all other blockchains according to available data.

Price Action and Technical Outlook

ETH has traded in a narrow range around $4,360 for nearly two weeks. The cryptocurrency faces immediate resistance at $4,500, with potential upside targets extending to $4,883 if that level breaks. Support appears between $4,200 and $4,100, with deeper cushions identified at $4,060 and $3,880.

Crypto analyst Ted emphasized the importance of the current juncture: "Either Ethereum will reclaim $4,500, or a lower flush will happen. Don't overtrade until there's a definite direction."

His assessment reflects the binary nature of the current setup.

A monthly MACD crossover has emerged on Ethereum's chart, which technical analysts interpret as a potential long-term momentum shift after extended consolidation. Merlijn The Trader described this development as a "monster ignition," suggesting renewed directional movement may be approaching.

The same analyst shared an accumulation map positioning ETH near $4,362 in the "Steady" band, just above "Still Cheap." Historical analysis indicates this zone has aligned with accumulation phases for long-term holders and institutional investors. Upper red zones labeled "HODL" and "Take Profit" have previously coincided with retail-driven rallies and subsequent profit-taking by sophisticated market participants.

Understanding Key Terms

Stablecoin liquidity refers to the total supply of dollar-pegged cryptocurrencies circulating on the Ethereum network. These tokens serve as the primary medium of exchange for DeFi activities and provide price stability for trading pairs.

Network revenue represents fees paid by users to process transactions on Ethereum. Higher revenue indicates greater demand for blockspace and network utility.

Total value locked measures the dollar amount of cryptocurrencies deposited in DeFi protocols. This metric serves as a proxy for the ecosystem's overall health and adoption.

The MACD, or Moving Average Convergence Divergence, is a technical indicator that tracks the relationship between two moving averages of a security's price. A crossover can signal potential changes in momentum and trend direction.

Closing Thoughts

Ethereum sits at a critical inflection point with record stablecoin liquidity, robust network metrics, and technical indicators suggesting potential directional movement. The next significant price move will likely depend on whether ETH can break above $4,500 resistance or retreats to lower support levels near $3,880.