ethereum network Prices are moving in different directions as the market continues to face bearish moves. On-chain data shows that while the ETH network is performing at the most noteworthy rate, its price action continues to lag due to continued volatility.
Network usage is at an all-time high, but Ethereum price is flat
Given the bearish situation in the cryptocurrency market, Ethereum Ethereum’s price plummeted, resulting in the major altcoin retesting the $2,100 threshold last seen in mid-2025. Ethereum’s price may be moving sideways, but the network is currently performing at a significant rate.
In a post shared by X by Onchain Foundation Research Director Leon Weidman points out that ETH price is still in a declining trendon-chain activity reached an all-time high. This divergence indicates a growing disconnect between ETH’s subdued price action and growing fundamentals, indicating that real economic activity is escalating despite market caution.
Weidman claims that ETH is officially the most undervalued since 2019. Data shows that the price of ETH is down about 50% from its all-time high. Its network usage After a few months of cooling off, it exploded by more than 300%.
It is noteworthy that the same configuration was observed in January 2019 as well. However, the current pattern is much larger than last time, so a similar result is likely to occur this time, only larger. When setup was done in January 2019, ethereum price was struggling at the $1,200 level, leading crypto participants to believe that the altcoin was over.
Meanwhile, more than 1.2 million wallet addresses were active and using the network during the period. As a result, decentralized finance (DeFi) was being built during a bear market phase. After its launch, the price of ETH rose from $1,200 to the $4,800 level, representing an increase of over 3,300%.
In January 2026, the price of ETH halved from $6,400 to $3,300, and the market started treating altcoins as if they were dying. However, as you can see in the blue area marked on the graph, there are now more than 3.4 million people. active address Comes with contract.
This was a triple growth compared to the 2021 peak and an absolute record high. “In 2019, everyone ignored it. Then ETH was disgraced for the second year in a row. Today the setup is the same, just the numbers are three times bigger,” Weidman added. Once this is repriced, Weidman predicted that Ethereum will rally violently.
Number of transactions processed hits record high
According to report Since Everstake, the Ethereum network has also reached historic milestones in terms of transactions processed on the blockchain. In January 2026 alone, the network processed 70 million transactions, an all-time high. monthly activities In its entire being.
Everstake noted that this significant number of transactions processed were all conducted in highly adverse market conditions. If this growth continues as sentiment turns positive, the ETH price could change its course and start rising again.
Featured image from Freepik, chart from Tradingview.com
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