ETH on-chain volume running 0.7x its own baseline – attention is stirring but the kettle isn’t whistling yet.

Ethereum moved $2.38 billion across 276 transfers in the last hour. That is elevated relative to its usual baseline, so the network is busier than a typical quiet window, but it hasn’t crossed into the kind of sudden spike that signals a sharp regime change. Activity is a flicker, not a flame.

When the volume multiplier sits below 1.0x but well above idle, it often maps to larger-than-average participants shuffling positions while retail stays muted. Monitor whether the multiplier ticks back toward 1.0x or higher.