[CryptoQuant: Multiple Ethereum On-Chain Activity Metrics Reach All-Time Highs, but ETH Price and On-Chain Fees Remain Weak] According to a report by CryptoQuant published on March 10, the number of active addresses and smart contract calls on the Ethereum network have reached all-time highs. However, the price of Ethereum tokens has dropped by approximately 30% over the past six months. Analysts noted that the current price movement of ETH is more influenced by capital flows and increased exchange deposits than on-chain usage, breaking the strong correlation between on-chain activity and price seen during previous bull markets. Although Ethereum supports more than half of the global stablecoin supply, its base layer is losing fee and revenue share to competing networks.