Ethereum up 3% as Bhutan transfers its national ID system to Ethereum

Ethereum price jumped 3% in the last 24 hours to trade at $4,137 at 3:30 a.m. on an 11% increase in trading volume to $61.4 billion.

The move comes as the government of Bhutan, in collaboration with the Ethereum Foundation, declared that it will become the first country to anchor its national digital identity system on the Ethereum blockchain.

The new system is expected to be fully operational by early 2026 and cover Bhutan’s entire population of nearly 800,000.​

The launch ceremony was attended by high-profile participants, including the Prime Minister of Bhutan, the Crown Prince, and Ethereum co-founder Vitalik Buterin.

Aya Miyaguchi, president of the Ethereum Foundation, called the milestone “not only a national achievement, but a global step forward toward a more open and secure digital future.”

1/ Today, Bhutan celebrates a historic milestone by becoming the first country to anchor its national digital identity system on Ethereum. 🇧🇹@VitalikButerin and I had the honor of participating in the launch ceremony on behalf of the Ethereum community, honored by His Royal Highness. pic.twitter.com/KA4tOYbsJ4

-Aya Miyaguchi (@AyaMiyagotchi) October 13, 2025

The system was previously on Polygon but is now anchored on Ethereum for transparency and security.

On-Chain Ethereum Signals Indicate Growing Strength

Besides this news, on-chain data supports the bullish price action of ETH. Network activity on Ethereum has reached “new normal” highs, with contract calls increasing from 7 million to more than 9.5 million since July. This means more users are interacting with smart contracts, DeFi, and the tokenization of real-world assets.​

Source of internal ETH contract calls: CryptoQuant

The Ethereum network is paving the way for the tokenization of real-world assets (RWA). Over $11.7 billion worth of RWA is represented on ETH, giving it a dominant 56% market share in this fast-growing sector. Big names like BlackRock are fueling the trend. (His BUIDL fund alone holds over $2.4 billion in tokenized assets on Ethereum).​

Institutional interest is also strong. Grayscale recently staked 857,600 ETH, sending a clear message of confidence in the network’s long-term growth. Meanwhile, gas consumption and staking participation rates are at record highs.

These metrics indicate a vibrant ecosystem where commercial and institutional players are investing in the future of Ethereum.​

Ethereum faces key levels with bullish setup

Looking at the weekly ETH price chart, ETH has rebounded from the 0.236 Fibonacci retracement level at $4,112 and is currently trading just above it at $4,187. The area around $4,112 provides immediate support, while the next notable resistance lies around the recent high $4,955.

If ETH breaks this resistance, the momentum could drive it towards a new all-time high.​ Technical indicators are mostly positive: the 50-week simple moving average (SMA) sits at $3,113, strong support. While the 200-week SMA is even lower at $2,448.

The Relative Strength Index (RSI) at 58 shows that ETH is in positive momentum, but not yet overbought. The MACD is still bullish, with the main line above the signal, and the average directional index (ADX) at 28 indicates a strengthening trend.

ETHUSD analysis source: Tradingview

If Ethereum holds the support at $4,112 and attracts more buyers, it could attempt another push above $4,955. In the event of a pullback, major buying interest is likely to emerge in the $3,500-$3,100 area, with the 50-SMA of $3,113 providing a technical floor.

A breakdown below $3,100 may pave the way for tests of the 200-SMA and the $2,100 level.​ The latest on-chain and technical signals, combined with a real historical use case like the Bhutan Digital ID Project, suggest that the ETH price could remain strong and volatile.

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