A recent analysis from CryptoOnchain has revealed that the Ethereum network has reached a significant milestone in its on-chain activity. On December 24, 2025, the total number of transactions, calculated using a 7-day simple moving average, achieved a new all-time high. Despite this surge in activity, Ethereum”s price hovered around $2,945, failing to match previous peaks.
This disparity highlights an essential shift in focus from price fluctuations to network utility. By examining the transaction data over time, it becomes clear that while Ethereum”s transaction counts have soared, the price has not experienced a corresponding spike. This divergence emphasizes a broader trend where network usage is escalating, yet market valuation remains sluggish.
Detailed analyses indicate that Ethereum”s transaction count has been on a steady upward trajectory throughout various market cycles, with the latest figures breaking previous records. This increase stands out, particularly when viewed alongside historical transaction data from prior bull markets.
As transaction activity continues to rise, the price has shown resilience but has not kept pace with this growth. Although Ethereum”s price has seen recovery from earlier lows and established a higher consolidation range, it still trails behind transaction activity. This suggests a growing gap between actual network utilization and price performance.
The ongoing increase in transactions signals a robust demand for Ethereum”s block space, driven by various applications within its ecosystem. This sustained volume indicates that the network is processing a higher number of operations than ever before, without any visible signs of a slowdown.
Importantly, this level of activity appears to be more than just a fleeting spike. The 7-day moving average effectively smooths out short-term volatility, suggesting that the rise in transaction counts reflects genuine, ongoing usage rather than isolated incidents.
From a fundamental perspective, the analysis suggests that in the cryptocurrency landscape, price trends often follow changes in network activity rather than lead them. The current data illustrates a scenario where transaction demand is expanding ahead of price adjustments, indicating potential strength in the network”s fundamentals.
In conclusion, Ethereum is currently experiencing unprecedented levels of network activity while its price remains in a phase of consolidation. The record transaction counts underscore a growing demand and utility within the ecosystem, highlighting a significant gap between actual usage and market valuation at this stage.
