Ethereum Price Dips, But Network Activity Heats Up

Ethereum's price has stalled at around $1,876 after reaching a recent high of $1,933, but its network is showing signs of improvement. On-chain data from CryptoQuant indicates that activity on Ethereum's base layer is increasing.

The median transaction fees have been below their 90-day average for much of the past three months, but in the short term, they've surged nearly 16% and tip fees increased by approximately 86%. This suggests competition for block space may be returning after months of subdued activity.

New smart contract deployments are running nearly 190% above their 90-day average, indicating that developers continue to build on the network. This trend may indicate organic demand rather than speculative trading activity.