Ethereum continues to struggle around the $3,000 level. Repeated recovery attempts are losing strength. ETH is trading just below this psychological barrier, reflecting a cautious sentiment.
Although investor interest is increasing, on-chain activity remains low. This discrepancy raises concerns that the Ethereum price may be rising too quickly, while the network is not being utilized enough to support these increases.
Ethereum holders are increasing
Ethereum is showing steady growth in the number of new wallets. On average, about 163,000 new addresses are being added to the network each day. In comparison, around 124,000 addresses were added daily in July, a period that was previously seen as a peak moment for network growth.
This increase indicates strong investor interest in Ethereum, despite weak price development. More wallet creation means that the demand for exposure to Ethereum remains. However, this alone does not guarantee a price increase.
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Macro indicators present a mixed picture. The Ethereum network value-to-transactions ratio is rising rapidly. This metric is now at a 16-month high and indicates potential overheating.
A high NVT ratio means that market valuation is growing faster than transactions on the network. Optimism around recovery drives interest, but actual usage lags behind. Without more on-chain activity, the price may struggle as value rises faster than fundamental growth.
Ethereum is trading around $2,986 at the time of writing, just below the resistance of $3,000. This level has been tested multiple times recently. Failing to break through it causes traders to wait for confirmation.
ETH may continue to consolidate below $3,000 or briefly break the level without holding support. If transactions remain low, there could be downward pressure again. In that case, the support level at $2,798 may be tested again, indicating that macro-imbalances have not yet been resolved.
Improving conditions may change expectations. If transaction volume increases, Ethereum might hold $3,000 as support. If successful, it could open the path to $3,131. A breakout above that invalidates the bearish expectation and sets a new target of $3,287, restoring confidence.
