Ethereum network activity has surged to a new all-time high, while its price remains significantly below its 2025 peak. On-chain data reveals a record number of transfers, suggesting strong underlying usage, even as the token’s value struggles to reflect this fundamental strength amid broader market pressures.
Ethereum has declined by 55% from its August 2025 high above $4,900, pressured by macroeconomic forces. The token is currently consolidating near the $2,100 level.
New data shows the 7-day average of Ethereum’s Total Transfer Count has climbed back above 1.3 million, matching its mid-February peak. This rise signals robust network engagement across decentralized finance and Layer 2 ecosystems.
The divergence between rising on-chain activity and subdued price action indicates network utility is expanding faster than market valuation. Increased transaction volume also accelerates ETH burning, applying long-term pressure on the circulating supply.
Analysts suggest that if high activity continues, the price may eventually catch up to these fundamentals. According to an earlier analysis by Ali Martinez, Ethereum’s next rally may depend on reclaiming the $2,500 level.
Martinez noted subtle signs of accumulation, with the $1,800 level holding as support. However, a break in structure could see the asset target lower support levels near $1,550 and $1,070.
In the current macro environment, analyst Ted Pillows stated that the $2,150-$2,200 range is a crucial support zone to watch. Holding this level could pave the way for another upward move, while losing it may invite further declines.
