Ethereum’s network activity reached an all-time high this week, even as the price of ether (ETH) continued to lag behind.
On December 24, 2025, Ethereum recorded its highest-ever level of on-chain usage. However, ETH was trading near $3,000, well below its previous highs, highlighting a growing gap between network demand and market price.
Transaction activity reaches a new peak
Data from CryptoOnchain shows Ethereum’s seven-day average transaction count rose to about 1.73 million, the highest level in the network’s history.
Analysts say much of this growth comes from Layer-2 networks, which process transactions off-chain and then settle them back on Ethereum. Increased activity from decentralized finance (DeFi) platforms and stablecoin transfers also contributed to the surge.
Unlike earlier bull markets, this rise in usage did not lead to sharp increases in transaction fees. This suggests Ethereum is handling higher demand more efficiently than in the past.
On-chain data shows mixed signals
Other on-chain indicators point to long-term strength. Large Ethereum holders, often referred to as whales, have continued to increase their positions. Wallets holding between 10,000 and 100,000 ETH now control more than 21 million ETH in total.
Exchange balances have also declined. Over the past year, more than 4 million ETH has moved off centralized exchanges, reducing liquid supply.
However, short-term signals are less positive. Analysts reported that about $1.4 billion worth of ETH flowed into major exchanges over a recent 48-hour period. Such inflows often suggest selling pressure or defensive positioning by traders.
ETH price struggles near $3,000
Despite strong network fundamentals, ETH’s price remains under pressure. At the time of writing, ETH was trading just below $3,000, up less than 1% in 24 hours and largely unchanged over the past week.
Over longer periods, performance has been weaker. ETH is down nearly 9% over the past two weeks and about 14% over the past year.
Trading activity shows ETH moving within a narrow range between $2,900 and $3,000, with lower volatility during the holiday period. Analysts are watching the $3,100 resistance level, which has capped several rallies. A clear break above that level could signal renewed upside, while failure to hold support may lead to further weakness.
Long-term implications remain positive
Rising transaction volume has long-term effects for Ethereum. Higher activity increases ETH burned through the EIP-1559 mechanism, which reduces net supply growth over time.
Ethereum continues to host most of the crypto market’s DeFi activity and stablecoin issuance. As a result, some investors believe the gap between strong network usage and muted price action may not last forever.
Outlook
Ethereum currently sits at a crossroads. Network fundamentals are strengthening, driven by Layer-2 adoption and steady on-chain demand. At the same time, liquidity conditions and exchange flows continue to weigh on price.
Whether ETH can translate record usage into a sustained price recovery remains one of the key questions for the market heading into 2026.
Disclaimer: This article is for news and informational purposes only and does not constitute financial advice. Cryptocurrency prices are volatile. Always do your own research before investing.
