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Ethereum network activity has reached unprecedented levels despite ETH price remaining stagnant. The Ethereum network and its price are moving in separate directions as the market faces continued bearish action. On-chain data are showing that Ethereum network activity is performing at one of its most remarkable rates while its price action continues to lag behind due to the ongoing volatile landscape.
Ethereum Network Activity Hits All-Time High Despite Flat Price
Given the bearish state of the cryptocurrency market, the price of Ethereum has fallen sharply, causing the leading altcoin to retest the $2,100 threshold last seen in mid 2025. Ethereum’s price may be experiencing sideways movement, but Ethereum network activity is currently performing at a significant rate.
In a post shared on X by Leon Waidmann, head of research at On-chain Foundation, it is noted that even as ETH’s price is still seeing waning activity, Ethereum network activity has reached all-time highs. This divergence shows a growing discrepancy between ETH’s restrained price action and its growing fundamentals, indicating that actual economic activity is escalating despite market caution.
Waidmann claims that ETH is officially the most undervalued it has been since 2019. Data shows that ETH’s price has fallen about 50% from its all-time high, but Ethereum network activity has exploded by over 300% after months of a cool-off.
Historical patterns in Ethereum network activity suggest major price upside
It is worth noting that the same setup was also observed in January 2019. However, the current pattern in Ethereum network activity is much bigger than the last time, which raises the possibility of a similar result occurring this time, but only bigger. In January 2019, when the setup took place, the price of Ethereum was struggling at the $1,200 mark, and crypto participants believed that the altcoin was dead.
Meanwhile, over 1.2 million wallet addresses were active during the period and were using the network. As a result, Decentralized Finance (DeFi) was being built in the bear market phase. Following the setup, ETH’s price witnessed a bounce from $1,200 to the $4,800 mark, representing an over 3,300% increase.
For January 2026, ETH’s price chopped in half from $6,400 to $3,300, and the market has started to treat the altcoin like it’s dying. However, as seen in the blue area marked on the chart, Ethereum network activity now shows over 3.4 million active addresses with contracts.
This marks a 3x growth compared to the 2021 peak, and an absolute record high in Ethereum network activity. “In 2019, everyone ignored it. Then, ETH ripped faces off for 2 years straight. The setup today is identical – just the numbers are 3X bigger,” Waidmann added. When this reprices, Waidmann has predicted a violent upward move for Ethereum.
Ethereum Network Activity Processes Record High Transactions
According to a report from Everstake, Ethereum network activity has also reached a historic milestone in terms of transactions processed on the blockchain. In January 2026 alone, the network processed 70 million transactions, representing the highest monthly activity in its entire existence.
Everstake noted that this substantial Ethereum network activity is all taking place in a very unfavorable market climate. Should this growth continue when sentiment flips positive, it could change the course of ETH’s price, shifting it to the upside once again.
Featured image from Freepik, chart from Tradingview.com
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