Ethereum (ETH) recorded its highest level of on-chain usage on December 24, 2025, even as its price hovered near $3,000 and struggled to regain recent highs. Data shared by CryptoOnchain showed Ethereum’s seven-day average transaction count climbing to a new peak of about 1.73 million, the highest level in the network’s history. At the same time, ETH was trading around $2,950, well below its 2021 and 2025 highs, highlighting a clear gap between usage and valuation.
The split between record network demand and muted price action has sharpened debate around whether Ethereum’s fundamentals are strengthening quietly while short-term market conditions keep prices restrained. The analyst attributed the jump in activity to a combination of Layer-2 networks settling transactions on Ethereum, rising DeFi activity, and steady stablecoin transfers. More network usage means higher ETH burn through EIP-1559, gradually reducing supply growth. And with Ethereum still hosting most DeFi value and stablecoin issuance, the mismatch between network demand and price has become harder for investors to ignore.
However, not all short-term signals are supportive, with market updates shared by analyst Amr Taha on December 25 showing around $1.4 billion worth of ETH flowing into major exchanges such as Kraken and Binance over a 48-hour period. These deposits followed heavy USDT withdrawals from centralized platforms, a mix that often appears during periods of selling or defensive positioning. Trading data shows ETH moving within a tight range between $2,900 and $3,000, with volatility lower than earlier in the quarter. Analysts are still watching the $3,100 area, a level that has capped advances several times in recent years.
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