Ethereum Crushes A Record From 2021—So Why Is Price Still Stuck At $3,000?

Ethereum (CRYPTO: ETH) recorded 1.87 million daily transactions on Dec. 31 but remains trapped under resistance as another failed breakout attempt dashed bulls’ hopes.

Network Activity Explodes To Record Highs

Ethereum’s 7-day moving average of daily transactions hit 1.87 million on Dec. 31, surpassing the previous ATH of 1.61 million from May 2021 during the NFT and DeFi mania according to The Block.

The network also logged 728,904 active addresses—the highest since May 12, 2021—and added 270,160 new addresses in a single day, the biggest daily surge since early 2018.

Nick Ruck, director of LVRG Research, credited the spike to network upgrades that slashed fees, boosted scalability, and pulled in institutional money via ETFs and real-world asset tokenization.

Pectra And Fusaka Upgrades Fueled The Surge

Two major 2025 upgrades, Pectra and Fusaka, drove the transaction boom.

Pectra increased blob throughput, introduced account abstraction for smoother wallet use, and raised validator staking limits. 

Fusaka activated PeerDAS, which streamlined data availability sampling to support higher blob counts without stressing nodes.

These upgrades, combined with higher gas limits and zkEVM breakthroughs, crushed transaction costs and advanced Ethereum’s rollup-centric roadmap.

Two more upgrades are coming in 2026. 

Glamsterdam (early-to-mid 2026) will improve performance and decentralization. Hegota (second half) will target long-term sustainability.

Price Action Tells A Different Story

Despite record network activity, ETH is pinned under the 20 EMA at $3,373 on the weekly chart.

RSI sits at 43.92—not oversold, but bleeding momentum. Each rally since August 2024 failed to push RSI above 60, a classic bear market signal inside a bull structure.

ETH Daily Chart Analysis

On the daily chart, ETH is testing a descending trendline around $3,100-$3,200 right now. Price keeps wicking above the line but gets rejected immediately—no follow-through, no conviction.

The Supertrend at $3,296 and the SAR act as overhead resistance. 

Without a daily close above $3,200 and volume confirmation, this breakout is a fake-out.

$6,000 Path Requires Clean Break Above $3,200

ETH Weekly Price Outlook

Bulls need ETH to close above $3,200 on the daily, then hold it as support on any retest. 

That opens the door to $3,400, then $3,600, keeping the $6,000 dream alive.

If ETH gets rejected here (like it has repeatedly), the descending triangle confirms, and a breakdown to $2,800 or lower kills the $6,000 narrative for Q1.

Weekly support sits at $3,009 (100 EMA), with the final line in the sand at $2,608 (200 EMA).

Justin d’Anethan, head of research at Arctic Digital, said Ethereum still dominates stablecoin activity, RWAs, yield protocols, trading, gaming, and NFTs—all on Ethereum or EVM-compatible chains. 

He thinks the setup for a massive surprise is forming as investors capitulate on tame price action.

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