According to data from Santiment, Ethereum has averaged roughly 327,000 new wallets per day over the past week, with Sunday alone recording a peak of nearly 394,000 new addresses – the highest daily figure ever observed on the network.
What makes the trend notable is that it is unfolding without a parabolic price move. Historically, bursts in wallet creation often coincide with strong speculative rallies. This time, however, on-chain data suggests the growth is being driven by improving network fundamentals and real usage rather than short-term hype.
Lower Costs and Smoother Onboarding After Fusaka
A key catalyst behind the surge is Ethereum’s Fusaka upgrade, deployed in early December 2025. The upgrade improved data handling on the base layer and significantly reduced the cost for Layer-2 networks to post data back to Ethereum. As a result, transaction fees declined and interacting with rollups and decentralized applications became noticeably smoother. These improvements lowered the entry barrier for new users, encouraging wallet creation across DeFi, gaming, and consumer-facing applications.
Stablecoin Activity Highlights Real Demand
At the same time, Ethereum’s role as a settlement layer continues to expand. In the fourth quarter of 2025, stablecoin transfer volumes on Ethereum climbed to a record level of roughly $8 trillion. This level of throughput reflects real economic activity rather than speculative positioning, as stablecoins are widely used for payments, remittances, and on-chain settlement. Rising stablecoin usage typically brings in new participants who need wallets to store and move funds, reinforcing the adoption trend.
New Users Arrive Despite Sideways Prices
On-chain and social indicators from late December into January show a steady influx of new participants, even as ETH price action has largely consolidated. Rather than chasing momentum, many of these new wallets appear to be tied to exploration of decentralized finance platforms, NFTs, and emerging applications. This pattern suggests adoption is expanding under the surface, potentially laying groundwork for future price moves.
Improving Sentiment Supports Network Growth
Seasonal and sentiment dynamics also appear supportive. Around year-end, crypto markets often see a reset in positioning as investors and developers plan for the year ahead. Santiment data shows holder sentiment shifting from negative toward neutral and positive in mid-December, a transition that historically aligns with higher onboarding and increased wallet creation.
Price Action Begins to Reflect Adoption Strength
While adoption metrics have led the story, Ethereum’s price structure is now showing early signs of confirmation. On the 4-hour chart, ETH recently pushed above the $3,300 level after defending the $3,050–$3,100 support zone. The move establishes a sequence of higher lows, suggesting buyers are gradually regaining control after weeks of consolidation.
Momentum indicators support this improving setup. The Relative Strength Index is hovering around the 70 level, reflecting strong buying pressure without a clear breakdown in momentum. Meanwhile, the MACD has flipped decisively positive, with an expanding histogram that often signals trend continuation when paired with rising volume.
From a levels perspective, the $3,250–$3,300 zone now stands out as key short-term support. Holding above it keeps upside momentum intact, with $3,400 acting as the next major resistance. A clean break above that area could open the door toward the mid-$3,500 range, where previous supply has capped rallies.
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