ETH long positions hold steady at $4,300, with corporate reserves and DApp activity surging.

Despite Ethereum (ETH) dropping 15% from its historic high on August 24, the price still firmly holds the key support at $4,300. On-chain data shows that network activity and DApp revenue continue to rise, with corporate ETH reserves reaching new highs, providing solid fundamental support for the ETH price. While the derivatives market indicates that traders are cautious in the short term, bullish reasons for the long term are strengthening.

On-chain data: Ethereum network and DApp activity lead the entire network

Online revenue: weekly expenses surged by 30%, Ethereum surpassed Tron to become the highest-grossing blockchain.

Layer 2 + total mainnet cost: $16.3 million, more than twice that of Solana ($7.9 million)

DApp Revenue (August):

Total: 466 million USD (quarterly increase 36%)

Main projects: Lido ($91.7 million), Uniswap ($91.2 million), Aave ($82.9 million)

Comparing competitive chains: Solana DApp revenue decreased by 10% month-on-month, BNB Chain revenue decreased by 57% month-on-month.

This shows that Ethereum's foundational position in the fields of DeFi, staking, and trading is further solidified.

Derivatives Market: Cautious in the Short Term, Not Abandoned in the Long Term

Futures premium: 5%, close to neutral to slightly bearish range

Open Interest (OI) in Futures: 30-day rise of 26%, reaching $58.5 billion

Options skew: 3%, in the neutral range of -6% to +6%, indicating limited market expectations for significant volatility.

Although the short-term derivative indicators are conservative, the rise in OI shows that funds have not withdrawn from ETH, and most traders are still waiting for a breakthrough opportunity.

Corporate ETH Reserves and Investment Expansion

According to StrategicETHReserve data:

Past 30 days: Corporate reserves increased by 2 million ETH

Major holding companies:

Bitmine Immersion Tech (BMNR)

SharpLink Gaming (SBET)

The Ether Machine (ETHM)

Total holdings: 4.71 million ETH (worth over 2 billion USD)

In addition, some companies have started to directly invest in the Ethereum ecosystem:

ETHZilla (ETHZ) announces new DApp investment commitment.

Expand real-world applications (RWA) in the DeFi space, enhancing the network effects of ETH.

Macroeconomic Background and Market Sentiment

Macroeconomic Pressure: Trump's negative comments on US-India business relations have triggered market risk aversion sentiment.

Traditional Market: Nasdaq fell 1.3%, gold price hit a record high.

Crypto Market: BTC retreats to around 111,000 USD, ETH follows the pullback but holds above 4,300 USD

Price Outlook and Key Levels

Support Level: $4,300 (Key Defense)

Resistance level: $5,000 (short-term target)

Bullish Conditions:

DApp revenue continues to rise

Enterprise ETH reserves continue to expand

Derivatives OI steadily rise

Risk Factors:

Macroeconomic deterioration

Derivatives market sentiment turns bearish

Competitive on-chain technology breakthrough

Conclusion

Although the derivatives market is cautious in the short term, the growth of Ethereum's on-chain activity, DApp revenue, and enterprise adoption provides solid support for the price of ETH. As long as it holds above $4,300, ETH is expected to challenge $5,000 again in the coming weeks and continue to solidify its position as the leading altcoin in a long-term bullish trend.