Key Takeaways
Why has Ethereum’s activity slowed recently?
Internal Contract Calls slipped from 9.5 million, while Transaction Count and Network Growth declined sharply.
Does this cooldown weaken Ethereum’s outlook?
Not yet, as long as daily transactions stay above 1 million, Ethereum may hold structural strength before another upswing.
Ethereum’s [ETH] on-chain momentum has slowed after months of elevated activity, with Internal Contract Calls falling from a sustained 9.5 million daily average.
The metric, which measures complex DeFi and RWA interactions, had reached new highs in September but now signals moderation.
Despite continued optimism around ETF inflows and corporate accumulation, transactional depth has weakened, hinting that investors shifted from active accumulation to cautious observation as prior gains settled.
Network growth and transactions retreat
Santiment data highlighted a clear pullback in Ethereum’s Transaction Count, which dropped from around 1.6 million to 412K at press time.
Likewise, Network Growth slipped from 150K to 37K, showing fewer new addresses joining the ecosystem.
The slowdown suggested lighter user onboarding after months of heavy engagement. Even so, such pullbacks often precede stabilization phases if core utility metrics remain steady.
If sustained above 1 million daily transactions, Ethereum could maintain its structural strength despite current short-term fatigue among users.
Muted sentiment hints at quiet accumulation
At the time of writing, Ethereum’s Weighted Sentiment turned negative at –0.35 as Social Dominance hovered near 6.6%.
The muted crowd response reflected cautious investor behavior following weeks of lower on-chain engagement.
Historically, negative sentiment often aligns with consolidation per
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Author: Evans Boto
