Ethereum rises 3% as Bhutan shifts national ID system to Ethereum

The Ethereum price is up 3% in the last 24 hours for trading $4,137 as of 3:30 on an 11% increase in trading volume to $61.4 billion.

The move comes as the government of Bhutan, in partnership with the Ethereum Foundation, said it would become the first nation 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 featured high-profile attendees including Bhutan’s Prime Minister, Crown Prince and Ethereum co-founder Vitalik Buterin.

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

1/ Today Bhutan celebrates a historic milestone, becoming the first nation to anchor its national digital identity system on Ethereum. 🇧🇹@VitalikButerin and I was honored to participate on behalf of the Ethereum community in the launch ceremony, graced 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 greater transparency and security.

Ethereum signals on-chain indicate growing strength

In addition to that news, on-chain data supports ETH’s bullish price movement. Network activity on Ethereum has reached a ‘new normal’ high, with internal activity occurring daily contract calls increased from 7 million to more than 9.5 million since July. This means more users interacting with smart contracts, DeFi, and real-world asset tokenization

ETH internal contract calls Source: CryptoQuant

Ethereum’s network is at the forefront of tokenizing real-world assets (RWAs). There is over $11.7 billion in value represented as RWAs on ETH, giving it a dominant 56% market share in this fast-growing sector. Big names like BlackRock are fueling the trend. (The BUIDL fund alone holds over $2.4 billion in tokenized assets on Ethereum).

There is also great institutional interest. Grayscale recently staked 857,600 ETH, sending a clear message of confidence in long-term network growth. Meanwhile, gas consumption and strike participation are at record levels.

These statistics indicate a vibrant ecosystem with both private and institutional players investing in Ethereum’s future

Ethereum faces key levels with bullish setup

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

If ETH breaks above this resistance, momentum could push ETH to a new all-time high The technical indicators are mostly positive: the 50-week Simple Moving Average (SMA) is at $3,113, which is strong support. While the 200-week SMA continues to decline to $2,448.

The Relative Strength Index (RSI) of 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 maintains support at USD 4,112 and attracts more buyers, it could attempt another push above USD 4,955. In the event of a pullback, heavy buying interest is likely to emerge in the $3,500 to $3,100 area, with the $3,113 50-SMA providing a technical bottom.

A breakdown below $3,100 could open tests of the 200-SMA and the $2,100 level. The latest on-chain and technical signals, combined with a historical case study such as Bhutan’s digital ID project, suggest that ETH price could remain strong and volatile.

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