As of February 11, Ethereum’s TVL hit a three-year high at 21.8 million ETH, indicating a notable surge. However, the price of ETH has seen a concerning decrease, falling 21% since January 31, struggling to maintain levels above 2,800 USD.

Despite the increase in TVL, transaction fees plummeted by 72%, totaling just 8.1 million USD. This significant drop in fees coupled with a 37% decrease in transaction volume highlights challenges for ETH as increased deposits do not correlate with active network usage.