Ethereum Network Activity Shows Signs of Recovery Amid Slowing Price Rally

Ethereum network activity showed early signs of recovery as key metrics pointed to growing demand for block space and renewed usage. Despite this, Ethereum's price rally slowed down after reaching nearly $1,933.

The median priority fees rose by nearly 86% in the past week, while median transaction fees increased by about 16%. Although fee pressure is still below longer-term averages, it suggests that demand for block space is returning.

New smart contract deployments are running nearly 190% above their 90-day average. This indicates continued development across various on-chain applications, including decentralized finance and gaming.

The Ethereum staking rate reached a new high of 33.69%, reducing the amount of ETH available for immediate trading in the liquid market. Exchange balances also fell, with Gemini reserves dropping to their lowest level since March 2024.