Ethereum Price Slips Amid Surging Network Activity

Ethereum's price has been slipping in recent weeks, but network activity is at multi-month highs. Daily transactions and new wallet addresses are climbing fast, with some trackers showing transaction counts near all-time highs.

Traders are calling this a fundamental divergence between network usage and price, with the gap sitting at the center of this week's ETH price story.

The number of new daily Ethereum addresses has jumped from 121,210 on August 8 to 212,560 just over a week later, according to data from Santiment. This works out to a jump of roughly 75% in about eight days.

Trader Merlijn has flagged the $1,525 support level for months, citing two previous instances where ETH price rallied off that exact level and gained 168.21% and 227.06%, respectively.