Ethereum's on-chain recovery in July saw transaction volume approach $240 billion

PANews reported on August 5th that according to The Block, Ethereum's on-chain transaction volume exceeded $238 billion in July, a 70% increase from the previous month. This was also the highest monthly transaction volume since December 2021, setting a new high in nearly four years. Ethereum network transaction volume also reached 46.67 million, a monthly record, up 3.6% from the all-time high in May 2021. The 7-day moving average (7DMA) of the number of transactions on the Ethereum network was also close to its all-time high, reaching 1.64 million, just below the all-time high of 1.66 million in May 2021. The number of active addresses on the Ethereum network reached 17.55 million in July, the highest level since May 2021. With all the positive updates to Ethereum network indicators, the price of ETH also reached a multi-year high, valued at $3,700 by the end of July.