The Ethereum network and its price are moving in different directions as the market faces continued bearish action. On-chain data shows that the ETH network is operating at one of its most remarkable rates, while price action continues to lag due to the current volatile landscape.
All-time high network usage, but flat Ethereum price
Given the bearish state of the cryptocurrency market, the price of Ethereum fell sharply, forcing the leading altcoin to retest the $2,100 threshold last seen in mid-2025. Ethereum price may be seeing sideways movement, but the network is currently operating at a significant pace.
In a post shared on X par Leon Waidmann, responsable de la recherche à la On-chain Foundation, il est à noter que même si le prix de l’ETH continue de connaître une activité en déclinon-chain activity has reached unprecedented heights. This divergence shows a growing gap between ETH’s moderate price action and its growing fundamentals, indicating that real economic activity is intensifying despite market caution.
Waidmann claims that ETH is officially the most undervalued since 2019. Data shows that the price of ETH has fallen about 50% from its all-time high, but their use of the network exploded by more than 300% after months of calm.
It is worth noting that the same pattern was also observed in January 2019. However, the current trend is much larger than last time, raising the possibility of a similar result occurring this time, only larger. In January 2019, during the implementation, the price of Ethereum was struggling at the $1,200 mark and crypto participants thought the altcoin was dead.
Meanwhile, over 1.2 million wallet addresses were active during the period and using the network. As a result, decentralized finance (DeFi) was being built during the bear market phase. Following the setup, the price of ETH saw a rebound from $1,200 to $4,800, representing an increase of over 3,300%.
In January 2026, the price of ETH was halved from $6,400 to $3,300, and the market began treating the altcoin as if it was dying. However, as the blue area shown on the chart shows, there are now over 3.4 million. active addresses with contracts.
This represents 3x growth from the 2021 peak and an all-time record. “In 2019, everyone ignored it. Then ETH ripped off faces for 2 years in a row. The current setup is identical – only the numbers are 3 times bigger,” Waidmann added. When this price is revised, Waidmann predicted a violent rise for Ethereum.
A record number of transactions processed
According to a report Since Everstake, the Ethereum network has also reached a historic milestone in terms of transactions processed on the blockchain. In January 2026 alone, the network processed 70 million transactions, which is the highest figure. monthly activity throughout his entire existence.
Everstake noted that this significant number of processed transactions are all taking place in a very unfavorable market climate. If this growth continues as sentiment turns positive, it could change the course of the ETH price, sending it higher again.
Featured image from Freepik, graphic from Tradingview.com
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