Analytics from Glassnode indicate that the number of new addresses interacting with the network has nearly doubled compared with 2025 levels, even as activity from existing wallets has softened.
New Ethereum addresses are driving most of the recent on-chain activity growth. Active wallets have more than doubled year-over-year, exceeding one million. Daily transactions recently hit a record near 2.8 million. Ether’s price has stabilized around the $3,300 level after late-2025 volatility. Technical indicators show consolidation rather than strong directional momentum.
Historically, spikes in Ethereum usage have aligned with bullish market cycles such as 2017 and 2021, when retained and returning users dominated activity. The current expansion looks structurally different, with 2026 seeing a widening base of new wallets forming the foundation of network usage.
Ethereum’s Month-over-Month Activity Retention shows a sharp spike in the “New” cohort, indicating a surge in first-time interacting addresses over the past 30 days.
This reflects a notable influx of new wallets engaging with the Ethereum network, rather than activity being… pic.twitter.com/h8Zw7hXOSX— glassnode (@glassnode) January 15, 2026
Price Consolidates Near $3,300 as Momentum Cools
From a technical perspective, Ethereum is trading in a relatively tight range around $3,300 following a sharp upward impulse earlier in the week. The chart shows that after a strong breakout, price action has shifted into sideways consolidation, suggesting the market is digesting recent gains rather than extending them immediately.
This range-bound behavior aligns with broader signs of equilibrium between buyers and sellers. Volume has moderated compared with the breakout phase, reinforcing the view that Ethereum is in a pause rather than a reversal.
Such consolidations often precede either continuation moves or deeper pullbacks, depending on how momentum resolves.
RSI and MACD Point to Neutral, Wait-and-See Conditions
Momentum indicators support the consolidation narrative. The Relative Strength Index is hovering in the low-50s, comfortably within neutral territory. This suggests that Ether is neither overbought nor oversold, leaving room for movement in either direction once a catalyst emerges.
Meanwhile, the Moving Average Convergence Divergence remains slightly negative, with the signal and MACD lines close together. This configuration typically reflects weakening momentum rather than strong bearish pressure. In past cycles, similar setups have often acted as a reset phase before the next directional move.
Taken together, the technical picture mirrors the on-chain data: Ethereum appears to be in a transitional phase. While user growth is accelerating beneath the surface, price action is consolidating, potentially laying the groundwork for a larger move once sentiment and momentum realign.