Ethereum network activity hits a new all-time high, but ETH price fails to follow suit

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Source: PortaldoBitcoin Original Title: Ethereum Network Hits Record Activity, but ETH Price Fails to Keep Up Original Link: Ethereum network reached a new record of activity this week, surpassing all historical on-chain usage levels, even as the ETH price remains stagnant near the US$ 3,000 range. The peak occurred on Wednesday (24) and reignited the debate about the disconnect between network fundamentals and short-term asset performance.

Data shared by on-chain analysis platforms show that the seven-day moving average of Ethereum transactions reached about 1.73 million, the highest volume ever recorded. In contrast, ETH is trading at around US$ 2,950, still far from the all-time highs reached in previous cycles, highlighting a disconnect between network usage and token appreciation.

Analysts believe that the activity surge is directly linked to the growth of layer 2 networks, which continue to clear a growing volume of transactions on Ethereum. Additionally, the expansion of the DeFi ecosystem and the consistent use of stablecoins have also contributed to increased demand.

Unlike past cycles, this growth occurred without sharp spikes in fees, indicating significant efficiency gains in the network.

Other on-chain indicators reinforce a structurally positive outlook. Major Ethereum holders increased their positions throughout December, while the asset’s reserves on exchanges decreased significantly over the past year, signaling a reduction in available supply on the market.

In the short term, however, signs of caution are emerging. Recent movements show high volumes of ETH being sent to major exchanges, a move often associated with sales or defensive strategies. As a result, the price remains pressured, reflecting a market that is still cautious despite the growing strength of the network’s fundamentals.