Ethereum Network As the market faces a sustained downtrend, prices are moving in different directions. On-chain data shows that the ETH network is performing at one of the most surprising speeds, while price action continues to lag due to the ongoing volatile environment.
Network usage at all-time high, but Ethereum price remains flat
Considering the weak situation in the cryptocurrency market, the price of cryptocurrency Ethereum The plunge forced the major altcoin to retest the $2,100 threshold last seen in mid-2025. Ethereum’s price may experience sideways movements, but the network is currently operating at a respectable pace.
In a post shared on X from Leon Waidmann, head of research at the On-chain Foundation, points out that the price of ETH remains weak.On-chain activity has reached an all-time high. This difference demonstrates the growing discrepancy between ETH’s subdued price action and rising fundamentals, indicating that real economic activity is expanding despite market caution.
Waidmann 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; network usage After a cooling off period of several months, it exploded by more than 300%.
It is noteworthy that the same setting was observed in January 2019. However, the current pattern is much larger than the last time, making it more likely that similar results will occur this time, but only on a larger scale. In January 2019, when setup was underway, Ethereum price It was struggling at the $1,200 level and cryptocurrency participants believed the altcoin was dead.
Meanwhile, more than 1.2 million wallet addresses were active and using the network during that period. As a result, decentralized finance (DeFi) was being built during the bear market phase. After the setup, the price of ETH rebounded from $1,200 to $4,800, an increase of over 3,300%.
In January 2026, the price of ETH halved from $6,400 to $3,300, and the market began treating the altcoin like it was dying. However, as you can see in the blue portion of the chart, there are now over 3.4 million. active address By contract.
This is a three-fold increase compared to the peak in 2021 and an absolute record. “In 2019, everyone ignored it. Then ETH competed for the second year in a row. Today the setup is the same – only the numbers are three times bigger,” Waidmann added. When the price resets, Waidmann predicted a sharp upward move for Ethereum.
All-time high in processed transactions
According to report At 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, representing an all-time high. monthly activities In all of existence.
Everstake noted that the significant number of transactions processed are all taking place in very adverse market conditions. If this growth continues as sentiment turns positive, ETH price could change direction and move to the upside once again.
Featured image from Freepik, chart from Tradingview.com
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