The volume of transactions on the Ethereum network has grown to the levels of November 2021
Over the past week, the daily volume of transactions on the network of the second largest cryptocurrency by capitalization increased from 1.1 million to 1.3 million - up to the levels of November 2021, when the asset was trading near the historical maximum above $4,600.
During the same period, the volume of transferred on-chain value also increased - from $2.8 billion to $4 billion.
Amid improving fundamentals, the ETH price has risen by 1.9% over the past 24 hours, trading around $2,570 (according to CoinGecko).
However, there are risks of correction - the supply volume is âin the blackâ at 91.5%, which corresponds to mid-2021 levels. Significant unrealized gains in the short term could act as a bearish factor, putting pressure on the ETH price with a potential wave of selling. Earlier, Ethereum co-founder Vitalik Buterin proposed increasing the Ethereum gas limit to increase network throughput.
