Ethereum is struggling around $3,000. Repeated attempts to rebound are losing momentum, and it is trading just below the psychological resistance line. This reflects a cautious atmosphere in the market.
Investor interest is rising, but on-chain activity remains low. Concerns are being raised that the price of Ethereum is overheating compared to the utilization of the network due to this imbalance.
Increase in Ethereum holders
Ethereum is seeing a steady increase in new wallet creations. Currently, about 163,000 new addresses are being created daily on the network. This is compared to the daily average of about 124,000 in July, which was considered the peak of past network growth.
This increase shows that investors are showing great interest in Ethereum even in a sluggish price environment. The rise in wallet creation suggests that the demand for market entry remains valid. However, the increase in new addresses does not necessarily guarantee price levels.
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Macro indicators are showing mixed signals. The value-to-transaction ratio (NVT) of the Ethereum network is sharply rising. This indicator has reached its highest level in 16 months, suggesting signs of overheating.
A high NVT ratio indicates that market capitalization is growing faster than trading activity. Investors are showing high interest in rebounds, but actual usage has not yet followed. If on-chain activity does not increase, the upward price trend may halt without fundamental support.
At the time of writing, Ethereum is trading at around $2,986. It is positioned just below the $3,000 resistance line. This range has been tested repeatedly recently. As the inability to break through this line continues, traders are showing a cautious attitude while waiting for a clear signal.
ETH may continue to adjust below $3,000 or temporarily break through without receiving support. If trading activity remains sluggish, downward pressure may re-emerge. In this case, the $2,798 support level could be tested again, showing that macro imbalances have not been resolved.
If conditions improve, the outlook could change. If trading volume increases, it will help Ethereum establish $3,000 as a support level. Maintaining this line could open the path toward $3,131. If this resistance line is definitively broken, the bearish scenario could be neutralized, and ETH could aim for $3,287, restoring investor sentiment.
