Ethereum continues to struggle near the $3,000 level as repeated attempts to recover have lost momentum. ETH is trading just below this psychological barrier, reflecting cautious sentiment.
Despite increased investor interest, on-chain activity remains subdued. This imbalance has raised concerns that Ethereum prices could overheat without enough network usage to sustain profits.
Ethereum holders are increasing
Ethereum has recorded a steady increase in the number of new wallet creations. Currently, the network generates an average of approximately 163,000 new addresses per day. This compares to around 124,000 daily additions in July, previously considered a peak period for network growth.
This increase highlights strong investor interest in Ethereum despite weak price performance. The increase in wallet creation suggests that demand for exposure is sustained. However, a new address alone does not guarantee price strength.
Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
Growth of the Ethereum network. Source: Santiment
Macro indicators indicate different situations. Ethereum’s network value and transaction ratio are rapidly increasing. This indicator is currently at a 16-month high, indicating potential overheating.
A high NVT ratio indicates that market valuations are growing faster than trading activity. Optimism about the recovery appears to be generating interest, but actual use is yet to follow. Without an increase in on-chain activity, there is a risk that price growth will stall as valuations outpace fundamentals.
Ethereum NVT ratio. Source: Glassnode
ETH price has not yet found the strength to escape
Ethereum is trading around $2,986 at the time of writing, just below the $3,000 resistance. This level has been tested repeatedly in recent sessions. The failure to break above this level has heightened caution among traders looking for confirmation.
ETH could continue to consolidate below $3,000 or temporarily break above it without holding support. If trading activity remains weak, downside pressure could return. In that case, the support at $2,798 could be retested, reflecting the unresolved macro imbalance.
ETH price analysis. Source: TradingView
The outlook may change as the situation improves. If trading volume increases, Ethereum could secure $3,000 as support. If this level holds, it could pave the way to $3,131. A sustained break above this barrier would invalidate the bearish narrative and allow ETH to target $3,287, restoring confidence.
