Crypto analytics service provider Glassnode has highlighted a lack of correlation between Ethereum's recent price growth and its on-chain activity. Despite lower transaction fees, network activity has slowed, with gas prices rising by just 28% compared to 78% during the Shanghai upgrade event in April.

However, Ethereum remains the largest smart contract hub in terms of overall liquidity, and analysts remain bullish on the cryptocurrency. The Ethereum developer community is also introducing initiatives to improve the protocol's usability and security, such as the new token standard ERC-7265.