Ethereum price held steady close to a crucial resistance level as its network activity soared to a record high ahead of the markup of the CLARITY Act in the US Senate. ETH was trading at $3,300, up modestly from the November low of $2,620.
Ethereum Network Activity Has Soared to a Record High
Data compiled by Santiment shows that activity on Ethereum has soared to a record high this year. Its data shows that the number of new wallets created in the network jumped to a record high of 393.k on Sunday. The figure has been averaging 327.1k per day in the past three weeks.
Ethereum Network GrowthThis observation is supported by Nansen data, which shows that the number of active addresses on the network jumped by 45% in the last 30 days to 12.4 million. Another data shows that the number of transactions has soared by 23% to over 55 million. This makes it the second-fastest-growing chain after Linea.
Ethereum active addressesMore third-party data shows that Ethereum has boosted its dominance against other chains in key areas like DeFi and RWA. It has a 76% and 63% dominance in these industries despite the increasing number of layer-1 and layer-2 chains in the crypto industry.
The soaring network activity is happening despite the ETH price remaining in a bear market after falling by over 20% from its highest level in 2025. Santiment attributes this growth to the recently launched Fusaka upgrade, soaring stablecoin activity, the January Effect, and the growth of the RWA industry.
Ethereum activity may grow further this year as the network will launch the Glamsterdam and Hegota upgrades that will make it a faster and more secure chain.
The next major catalyst for the ETH price will be the CLARITY Act markup, which will happen on Thursday. This is a key bill that divides the regulatory roles between the SEC and CFTC.
Ethereum Price Prediction: Technical Analysis
Analysts have a highly bullish long-term ETH price forecast. In a note this week, Standard Chartered predicted that it will jump to $7,500. Tom Lee has also made a similar forecast, which explains why Bitmine has continued to accumulate ETH.
A look at the weekly chart shows that the coin has moved above the Major S&R pivot point of the Murrey Math Lines tool. At the same time, it has formed a large multi-year inverted head-and-shoulders pattern, a common reversal pattern. It is now moving above the right shoulder.
Ethereum price chartTherefore, the token will likely rebound as bulls target the Ultimate Resistance level at $5,000, which is about 50% above the current level. The bullish outlook will become invalid if it drops below the right shoulder at $2,500.
Source: https://coingape.com/markets/ethereum-price-prediction-as-network-activity-hits-ath-ahead-of-clarity-markup/
