- Ethereum’s daily transactions hit 1.875 million, marking a historic peak in blockchain activity across DeFi, NFTs, and token transfers.
- ETH price is approaching $4,750 resistance, indicating strong market momentum and potential for a new price discovery phase.
- Record on-chain activity aligns with price levels, showing a clear link between Ethereum network usage and market behavior dynamics.
Ethereum Nears Historical All-Time High as Network Usage Records New Peaks There have been about 1.875 million daily transactions recently, highlighting increased demand for block space.
Record Network Activity Signals High Engagement
CryptoQuant.com was quick to note that Ethereum daily on-chain activity has spiked in a big way, with transactions per day reaching an all-time high: 1.875 million. This level of network utilization signals robust use across wallets and decentralized applications.
The platform’s report indicates that Ethereum is experiencing a parabolic rise in usage, suggesting that both retail and institutional users are actively transacting. According to CryptoQuant analyst CryptoOnchain, the current network activity is unmatched in Ethereum’s history.
This increase in transactions also coincides with an increased interest in DeFi (decentralized finance) and NFT platforms. It demonstrates that beyond basic token transfers, Ethereum blockchain earns for being utilized.
Price Tests Critical Resistance Zone
On the price chart, ETH is testing a key resistance area just below its historical peak of around $4,750. Analysts note that this zone represents a major supply region where sellers could defend previous highs.
CryptoQuant.com highlighted that sustained buying above $4,750 could trigger a new price discovery phase. However, if the resistance holds, short-term consolidation may occur, with potential support near $3,950. The market is now observing how price reacts to this critical juncture.
Interaction Between Price and Network Metrics
The correlation between high network activity and price action is increasingly noticeable. While transactions reach record levels, Ethereum’s price remains close to its historical peak. This alignment shows a convergence of on-chain fundamentals and market behavior.
CryptoOnchain stated that the current scenario places Ethereum at a pivotal moment where user activity and price resistance intersect. Observers are monitoring whether the network can sustain transaction momentum alongside potential price breakthroughs.
Ethereum’s network activity and price movement suggest that the upcoming sessions could determine whether the token breaks past its previous highs or experiences a temporary pullback. The market continues to track transaction trends and price levels closely.
