Ethereum (ETH) Weekly Transactions – Source: Artemis

Nevertheless, on-chain metrics show a spike in network usage. Artemis data confirms a spike in transaction volumes since the second week of December. Weekly network activity increased from 9.9 million transactions processed back then to 16.6 million as of last week.

Institutional adoption of the Ethereum network as the key infrastructure powering hundreds of new decentralized apps and products being launched could be driving these higher usage levels.

The market has not yet incorporated this improvement in the network’s fundamentals into the price, but might in the near future, as soon as sentiment picks up.

The daily chart shows that ETH has been in consolidation since late November. The price has moving in a narrow range between $2,800 and $3,400, giving us multiple entry and exit signals along the way.