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,…

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