The price of ETH fell from 3.4K USD to 1.8K USD this year, while the number of transactions remained notably stable and, in fact, moved back closer to its highs in recent months. That’s the real story of this chart: network usage didn’t crash along with the price; it barely flinched.
Compare January to August. The price dropped by nearly 50% over that period, but the daily transactions in August—normally reaching between 2.8M and 3M—are actually higher than the January reference point, which was around 2M. If anything, activity rose while the price went the other way.
June’s low is the most interesting stretch here. The price hit bottom near 1.6K USD right when the transaction count also dropped to its lowest point in the dataset; on one occasion, both indicators bottomed out together. That’s the only segment where price and usage moved in sync; anywhere else on this chart, they diverge.
Compare January to August. The price dropped by nearly 50% over that period, but the daily transactions in August—normally reaching between 2.8M and 3M—are actually higher than the January reference point, which was around 2M. If anything, activity rose while the price went the other way.
June’s low is the most interesting stretch here. The price hit bottom near 1.6K USD right when the transaction count also dropped to its lowest point in the dataset; on one occasion, both indicators bottomed out together. That’s the only segment where price and usage moved in sync; anywhere else on this chart, they diverge.