Ethereum continues to struggle near the $3,000 threshold, as repeated attempts at recovery lose momentum. ETH is trading just below this psychological barrier, reflecting a sense of caution.
Despite investor interest growing, on-chain activity remains subdued. This imbalance is raising concerns: the price of Ethereum could overheat without actual network usage capable of sustaining the rises.
The number of Ethereum holders is increasing
Ethereum is recording steady growth in the creation of new wallets. The network now averages about 163,000 new daily addresses. By comparison, in July, the new daily additions were around 124,000, which were already considered a peak for network growth.
The increase highlights strong investor curiosity towards Ethereum despite weak price performance. The growth of wallets suggests that the demand for exposure remains intact. However, the mere creation of new addresses does not guarantee price strength.
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Macro indicators present a mixed picture. The network value of Ethereum on the value-to-transactions ratio (NVT) is sharply increasing. Currently, the indicator is at the highest level in the last 16 months, signaling potentially overheating conditions.
A high NVT suggests that the market valuation is growing faster than transaction activity. Optimism about recovery seems to drive interest, but actual usage is still not following. In the absence of an increase in on-chain activity, price rises risk stalling as valuation exceeds fundamentals.
Ethereum is trading around $2,986 at the time of writing, just below the resistance of $3,000. This level has been tested multiple times in recent sessions. The failure to break through has reinforced caution among traders waiting for confirmations.
ETH could continue to consolidate below $3,000 or briefly exceed this threshold without finding support. If transactional activity remains weak, bearish pressure could return. In that case, support at $2,798 could be tested again, reflecting unresolved macro imbalances.
Better conditions could change the scenario. An increase in transaction volume would also help Ethereum consolidate $3,000 as support. Maintaining this level could pave the way towards $3,131. A sustained breach of this barrier would invalidate the bearish thesis and allow ETH to aim for $3,287, restoring confidence.
