Ethereum's Growing Network Fails to Boost Price Amid Weaker US Demand

The Ethereum network has seen significant growth in recent months, with metrics showing an increase in on-chain activity and staking. However, despite this growth, the price of Ether (ETH) has remained relatively flat, trading near $1,900.

A report by CryptoQuant found that the Coinbase Premium Index for ETH is still negative at -0.0833, indicating weaker demand from U.S. investors compared to global markets. The index briefly turned positive in April but quickly fell back below zero and has remained there since.

CryptoOnchain highlighted a widening gap between Ethereum's on-chain activity and exchange participation. Over the past 90 days, new smart contract deployments rose by 82.3%, median transaction tips more than doubled, and median token transfer volumes increased by 50-80% compared to quarterly averages.