$ETH Ethereum has approached the $3,000 level again and has tried multiple times to consolidate above it, but each upward movement gradually weakened. The price is currently held slightly below this psychologically important mark, and the market is acting cautiously.

Interest in the asset is increasing, but real activity in the network remains weak. This imbalance intensifies the feeling of overheating, as the price grows faster than fundamental indicators.

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Increase in the number of Ethereum holders

The number of new wallets in the network is steadily increasing. On average, around 163,000 new addresses are appearing daily. In summer, the figure was about 124,000 per day and was already considered high. This trend shows that interest in Ethereum is not declining. Users continue to enter the ecosystem and want access to it. However, new addresses alone are not enough to confidently support price growth. They reflect interest but do not always mean active use of the network and liquidity inflow.

Against this background, the network metrics look ambiguous. The NVT indicator, which compares the network value to the transaction volume, has risen significantly. It is currently at a maximum for approximately 16 months. A high NVT indicates that the market capitalization is growing faster than the actual activity of users, and such a situation often points to market overheating.

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ETH currently lacks momentum

At the time of publication, Ethereum is trading around $3,040. The rate remains just above important resistance around $3,000. This level has been tested multiple times, but a consolidation above it has not yet occurred. With weak network activity persisting, selling pressure could intensify, and the market may again test support around $2,798.

A more positive scenario is possible with an increase in transactional activity. In this case, Ethereum will have a chance to confidently establish itself above $3,000. Holding this level will open the way to $3,131, and further strengthening could bring the price to $3,287 and restore more confidence to the market.