<ul data-eligibleForWebStory="true"><li>Ethereum's price remains stagnant around $2,423, down 50% from its all-time high of $4,878.</li><li>Despite the price consolidation, Ethereum's on-chain metrics show a significant increase in network activity, with a recent spike in daily transactions to the third-highest count in history.</li><li>Analysts suggest that the surge in transactions may be driven by increased arbitrage, trading activity, and interactions with Layer 2 networks, indicating early-stage accumulation or renewed DeFi interest.</li><li>Concerns arise from speculative behavior in the derivatives market, as leveraged long positions build up, potentially leading to overextension. Additionally, exchange data showing a significant amount of ETH deposited on Binance raises potential sell pressure concerns.</li></ul>

Ethereum’s Network Is Heating Up While Price Stalls, Is a Breakout Coming?

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