Ethereum’s price showed no clear direction last week, but an analysis said on-chain indicators suggest early signs of a network recovery.

On July 25, blockchain media outlet The Crypto Basic reported that Ethereum has recently traded between $1,796 and the $1,950 range, and CryptoQuant data showed signs of improvement in Ethereum base-layer activity.

The first change was in fee flows. Over the past 3 months, Ethereum’s median transaction fee was more than 82 percent below the 90-day average, and priority fees also stayed about 96 percent below typical levels.

Over the past week alone, the mood changed. Median priority fees rose about 86 percent and transaction fees gained about 16 percent. The increases came off a low base, but drew attention as the first meaningful rise in fee pressure after a prolonged slump.

Development activity also held firm. New smart contract deployments were about 190 percent above the 90-day average. That means developers are still working on the Ethereum network. Combined with higher fees, the recent moves raise the possibility that they stem from actual network-use demand rather than short-term price bets.

Derivatives markets, meanwhile, showed a cautious trend. Binance funding rates fell about 28 percent from the prior week. That is interpreted as meaning leveraged trading was not the main driver of recent Ethereum price moves. The market moved without relying on excessive borrowed positions, in line with a spot-led trend.

Exchange fund flows also shifted. After showing a net outflow of about 73,000 ETH on July 20, exchange flows turned to a slight net inflow after Ethereum reached a recent high. That suggests some profit-taking moved onto exchanges during the price rise, but overall supply pressure remains limited.

The share of supply staked rose to 33.69 percent, hitting a record high. That means the amount of ETH immediately available for trading has fallen by that much. Liquid balances on exchanges are also continuing to drop. About 658,600 ETH, worth about $1.24 billion, was withdrawn from Gemini and Bitfinex.

By exchange, Gemini holdings fell to 384,400 ETH, the lowest since March 2024. Gemini has declined by about 188,600 ETH since April. Bitfinex has fallen by about 470,000 ETH since May, a larger drop. Binance holdings, however, showed little change at about 3.8 million ETH.

Falling exchange balances do not guarantee an immediate price rise. Still, it is notable that a fee rebound, rising smart contract deployments, record-high staking, shrinking exchange supply and lower leverage appeared at the same time. It shows that recent strength in the Ethereum market is coming from expanded real network use rather than speculative trading.

Prices saw a short-term pullback, but network indicators are improving. The next market focus is likely to be whether this on-chain recovery continues and whether demand stays intact after the ETH price correction.