If you are watching Ethereum right now, here is something you should notice.
The network just recorded 3.62 million transactions in a single day, the highest activity the mainnet has ever seen. Yet $ETH is still trading about 55% below its all time high.
So what does that tell you?
What you are seeing is a situation where network activity is moving faster than price. Traders often call this a bullish divergence. Usage is climbing, but price has not fully reacted yet.
When that happens, it usually means the market is still adjusting to the level of demand showing up on-chain.
So how should you look at it?
Right now, I am simply watching how $ETH behaves while this level of activity continues. If usage stays this strong, it will be interesting to see whether price starts to close that gap over time toward the $3K range.
For now, you should just keep an eye on the network and watch how it develops.