Ethereum defends 4300 dollars support level… rebound expected from corporate buying and DApp growth

Ethereum is seeking an opportunity to rebound, maintaining the 4300 dollars level despite a 15% decline from the all-time high recorded on August 24.

On the 3rd (local time), crypto-asset (cryptocurrency) specialist media Cointelegraph analyzed, "Derivatives indicators still reflect a cautious atmosphere, but increased network activity and expanded Ethereum holdings at the corporate level could drive a medium- to long-term uptrend."

Network fees and decentralized applications (DApp) activity showed strength. Last week, Ethereum's network fees rose 30% from the previous week, overtaking Tron to record the highest revenues. Total fees, including Layer 2 activity, reached 16.3 million dollars, more than double Solana's (7.9 million dollars), and this is the second-highest figure since February 2022. Ethereum's DApp fees in August were 466 million dollars, up 36% from the previous month, with Lido (91.7 million dollars), Uniswap (91.2 million dollars), and Aave (82.9 million dollars) counted as top contributors.

On the other hand, derivatives indicators remain cautious in the short term. The two-month futures premium is around 5%, neutral yet hovering near the bear-market boundary. However, futures open interest over the past 30 days increased 26% to 58.5 billion dollars, signaling that investors are not abandoning the asset. The options market's put-call skew also remains in a neutral range, suggesting limited potential for further declines.

Corporate expansion of Ethereum holdings is also notable. Corporate holdings increased by 2 million ETH over the past 30 days to a total of 4.71 million ETH (about 20.2 billion dollars). Bitmine Emergen Tech, Sharplink Gaming, and Ether Machine are major holding companies, and some firms have begun to directly deploy capital into Ethereum-based DApps. These moves are viewed as strengthening Ethereum's competitive advantage and potentially increasing the likelihood of a future price rebound. As of 14:30 on the 3rd, Ethereum was trading at 4329 dollars on the Binance Tether (USDT) market, up 0.8% from the previous day.