$ETH has fallen from around $3.4K to $1.8K this year, but the interesting part is that network activity hasn’t fallen with it. In fact, transaction counts have been climbing back toward their highs in recent months.
Look at January versus August. ETH’s price dropped nearly 50%, yet daily transactions in August were regularly around 2.8M–3M, compared with roughly 2M in January. So while the price was moving down, network activity was actually moving up.
The June low is the one period where the two really moved together. ETH dropped to around $1.6K, and transaction counts also fell toward their lowest levels in the dataset. But that correlation didn’t last.
Since June, the divergence has become even clearer. ETH recovered modestly from $1.6K to around $1.8K, while transaction activity bounced much harder, consistently pushing back above 2.8M through July and August and getting close to the April–May highs near 3.6M.
That’s what makes this chart interesting. Price reflects sentiment, speculation, and broader market conditions, while transaction activity gives us a better look at how much the network is actually being used. High transaction counts during a period of weak ETH prices suggest that Ethereum itself hasn’t lost much relevance.
The big question now is whether ETH’s price eventually catches up with the strength in network activity, or whether this gap between usage and valuation becomes the new normal for $ETH .
#SpaceXSharesRiseTo$140
Look at January versus August. ETH’s price dropped nearly 50%, yet daily transactions in August were regularly around 2.8M–3M, compared with roughly 2M in January. So while the price was moving down, network activity was actually moving up.
The June low is the one period where the two really moved together. ETH dropped to around $1.6K, and transaction counts also fell toward their lowest levels in the dataset. But that correlation didn’t last.
Since June, the divergence has become even clearer. ETH recovered modestly from $1.6K to around $1.8K, while transaction activity bounced much harder, consistently pushing back above 2.8M through July and August and getting close to the April–May highs near 3.6M.
That’s what makes this chart interesting. Price reflects sentiment, speculation, and broader market conditions, while transaction activity gives us a better look at how much the network is actually being used. High transaction counts during a period of weak ETH prices suggest that Ethereum itself hasn’t lost much relevance.
The big question now is whether ETH’s price eventually catches up with the strength in network activity, or whether this gap between usage and valuation becomes the new normal for $ETH .
#SpaceXSharesRiseTo$140