The Ethereum network has recently exhibited a contradictory phenomenon: on one hand, its blockchain activity has reached unprecedented highs; on the other hand, price performance has been relatively flat. This contrast has sparked widespread attention and discussion among market participants.

The latest data shows that the daily transaction volume of Ethereum has exceeded 1.6 million to 1.7 million, setting a new historical high. Meanwhile, the number of active addresses has also increased significantly, jumping from the previous 342,000 to 422,000. The remarkable improvement in these two indicators undoubtedly reflects the growth in the actual usage rate of the Ethereum network, especially in the expansion of applications in the decentralized finance (DeFi) sector.

However, despite strong performance in the underlying metrics, the price movement of Ethereum has failed to keep pace. As of the time of writing, the trading price of ETH hovers around $4,147, with a slight decline of 1.17% over the past 24 hours. The price continues to oscillate within the range of $4,000 to $4,300, failing to break through the key resistance level.

Technical indicators also show a certain bearish tendency. The DMI indicator is at a relatively low level of 17, while the SMI indicator hovers around 33, suggesting that there may be downward pressure in the short term.

Interestingly, despite the lack of price momentum, large holders (commonly known as "whales") have been continuously accumulating ETH. This behavior may suggest that they maintain an optimistic outlook on the long-term prospects of Ethereum, even though the price performance has been poor in the short term.

This divergence between fundamentals and price performance has sparked much speculation in the market. Some analysts believe this may be due to the overall cautious sentiment in the cryptocurrency market, with investors waiting for clearer macroeconomic signals. There are also views that the high usage of the Ethereum network may lead to rising Gas fees, which to some extent suppresses investor enthusiasm.

Regardless, the continuous growth of the Ethereum ecosystem is an undeniable fact. With the increase in network activity and the expansion of the user base, Ethereum's dominant position in the blockchain space seems to be further solidifying. However, whether the price can break through the current range and follow the strong fundamentals remains the focus of the market.

In the future, the price trend of Ethereum may depend on multiple factors, including overall market sentiment, changes in the regulatory environment, and the technological advancements of the network itself. Investors and analysts will continue to closely monitor these indicators to assess the long-term development prospects of Ethereum.