Ethereum is closing the third quarter of 2025 with its strongest performance on record, according to data cited by analytics platform Coinglass. Market participants report that key on-chain indicators—including transaction volume, total value locked and active addresses—are either at or approaching all-time highs across both the main Ethereum chain and its layer-2 networks. Ether’s price is trading near its previous peak, while network congestion costs remain comparatively low. Observers say the combination of heightened activity and moderate gas fees suggests that recent scaling upgrades are beginning to ease long-standing capacity constraints.