Ethereum (ETH) Sets a New Record Despite Its Price Failing to Recover! Here’s What You Need to Know

Ethereum (ETH), the largest altcoin, entered a downtrend after reaching its all-time high in August.

Ethereum, which fell to levels around $2,600, is struggling to stay above $3,000.

As Ethereum attempts to break through the $3,000 resistance level, the daily transaction count on the ETH mainnet has reached an all-time high.

According to Etherscan data, the Ethereum mainnet reached an all-time high this week with 2.2 million daily transactions.

Daily trading volume reached a record high, while average transaction fees dropped to 17 cents. Transaction fees have been on a downward trend since they exceeded $200 in May 2022.

Analysts note that the network’s transaction efficiency has improved significantly following two major upgrades this year, Pectra and Fusaka.

At this point, it was concluded that the upgrades likely contributed to the increase in trading volume.

Ethereum transaction volume hit a record high, while the Ethereum staking queue reversed for the first time in six months.

The ETH staking queue for deposits has reached almost twice the length of the exit queue. This situation is attributed to the influence of Bitmine, the largest institutional ETH holder.

*This is not investment advice.