ETH price falls despite surge in network activity, analysis shows

The price of Ethereum (ETH) and its network fees have shown a sluggish trend even as network activity has surged, CoinDesk reported, citing a report from crypto on-chain analytics firm CryptoQuant. The report noted that Ethereum's daily active addresses approached nearly two million last month, surpassing records set during the 2021 bull market, while smart contract calls also topped 40 million per day. However, the price of ETH fell by approximately 30% over the same period. The analytics firm suggested that selling pressure appears to have increased as the volume of ETH moving to exchanges has grown faster than that of BTC.