Ethereum's price remains stalled near $2,400, struggling to break past the $2,450 resistance level despite a record 200.4 million base-layer transactions in Q1 2026. This marks Ethereum's strongest quarter on record for network activity, yet the price is still over 50% below its August 2025 high of $5,000. Traders are closely watching the $2,500 resistance and $2,200 support levels, with potential downside risks if the latter is breached. The surge in transactions is largely driven by Layer 2 solutions and stablecoin settlements, with Ethereum hosting a record $180 billion in stablecoin supply. Despite the increased network usage, Ethereum's price has not mirrored this growth, partly due to reduced transaction fees following the Dencun upgrade. This divergence highlights a gap between network fundamentals and price performance, raising questions about the direct benefits to ETH holders.