Ethereum Price News: Network Activity Hits Record High, Why Is ETH Price Still Under Pressure? Summary: Ethereum network activity reaches a record high, but prices have not kept pace. Daily active addresses approach 2 million. Capital flow has become the main driving force, with inflows to trading platforms outpacing Bitcoin. Despite ETH accounting for 52% of stablecoin supply, market attention remains on capital movement. It is expected that ETH price could rebound to $3,000 in 2026. March 11 News: Ethereum (ETH) network activity hits a historic high, but price movement has not risen in tandem. CryptoQuant reports that as of February 2026, Ethereum's daily active addresses approach 2 million, smart contract calls exceed 40 million daily, and token transfers also hit records, involving DeFi, stablecoins, and automation protocols. However, over the past six months, ETH price has fallen about 30%, indicating that on-chain activity has struggled to push prices higher. Capital flow has become the primary driver of price. Trading data shows ETH inflows to exchanges are faster than Bitcoin, suggesting selling pressure is building, with market capitalization turning negative year-over-year, indicating outflows surpass inflows. Transaction fee revenue also faces competitive pressures. According to DefiLlama, Ethereum's transaction fee income over the past 30 days is about $10.3 million, far below Tron and Solana. Layer 2 networks like Base are offloading transaction settlement, reducing the revenue concentration of the base chain. Nevertheless, Ethereum still controls about 52% of the global stablecoin supply, totaling approximately $162 billion, but this advantage has not directly translated into support for ETH prices. Price prediction platform CoinCodex indicates ETH may surge to $3,000 by May 2026, remaining above $2,000 for most of the year, with a potential peak near $3,673. By December, ETH is expected to reach $2,477, with a return of about 28%. Regarding ETFs, on March 10, Ethereum spot ETFs saw a total net inflow of $12.59 million, and all nine ETFs on that day experienced no net outflows, showing that investor interest in ETH remains strong for the long term. Despite record-high network activity, market focus continues to shift toward capital flows and institutional behavior, which may influence short-term price volatility and investment strategies. #伊朗在霍尔木兹海峡布设水雷