Ethereum transactions near 2021 highs – Will ETH prices follow?

• The ETH network traction plunged to almost 2021 levels.
• Tom Lee described this growth as “usefulness” ETH.

Ethereum [ETH] He saw a remarkable recovery in network activity, signaling of renewed market interest.

On-thee data Now they show that daily transactions on the chain have jumped over 1.2 million to almost 2021 Maxim.

The overvoltage of network activity in time coincides with the ongoing insanity of treasures, stablecoin and tokenized supplies.

Most importantly, network growth followed by recent upgrades of scaling as Foil.

Positive for the cost of ETH?

In fact, the developer Ethereum ARJUN BHUPTANI is on the developer, uptick in the network traction is associated with recent scaling upgrades. He cited Current low -cost gas charges or chain transaction fees.

“The daily transaction on Ethereum has been approaching ATH for the first time since 2021. The gas is now 5-6 GWEI, compared to> 300 GWEI then.

Fundstrat’s Tom Lee overturned it and perceived network traction as a pure positive value of ETH. He said,

“Ethereum usefulness rises = good $ eth”

Lee recently joined Bitcoin [BTC] A mining company, Bitmine Immersion Technologies to control its company cash register ETH.

His bet? They believe that stablecoins are a “chatgpt” crypto and the narration would eventually increase ETH.

All buzz He was also visible on the chain. Market hat and weekly wiring Ethereum stablecoin reached a recording levelAlso.

And speculators also jumped on the trend. At the end of June, traders ETH trimmed Their long positions from 74% to 59%.

In July, however, long positions increased from 52% to 64% – 12% jump in bull beliefs among the best traders in Binance.

Meanwhile, ETH faced refusal to $ 2.6,000 after jumping from $ 2.3,000 earlier a week. Altcoin was awarded $ 2.52,000 at the time of writing.

This means that, despite the raging cash register ETH, the demand of the ETF was lagging behind the BTC ETF spot, Ecoinmetrics was recorded.

Since their debut, Spot ETH has attracted more than $ 4 billion in a cumulative tide. However, their BTC counterparts plunged into more than $ 30 billion, which is almost 7 times more than ETH.

For EcoinmetricsDivergence was caused by a lack of clear narration for ETH.

“Every time Bitcoins accelerate, Ethereum reacts late and weak. It’s not an attitude. It’s about telling: Bitcoin has a clear story, Ethereum doesn’t.”

The renewed market interest ETH was visible on the chain as the traders who committed. However, the institutional demand was still lagging behind the BTC.