Ethereum Hits Record Addresses Despite Bearish Price Action

Ethereum is showing signs of stress in early February, with price action testing a critical demand zone near $2,300. Despite the bearish sentiment, on‑chain activity has surged to record highs, creating what analysts at Goldman Sachs describe as a “disconnect” between valuation and usage.

On‑Chain Records

January 2026 marked all‑time highs for Ethereum network activity. New addresses hit 427,000 daily, more than double the peak of 162,000 during the 2020 DeFi Summer. Daily active addresses averaged 1.2 million, up 27.5% month‑on‑month, while transactions rose 36%, underscoring broad growth in user engagement. The data suggests that while ETH’s market price is under pressure, network demand remains robust.

Market Cap vs. Realized Value

ETH’s market cap has fallen below its realized cap, meaning the average holder is now at a net loss. Analysts point to the $2,300–$2,500 zone as a critical area of demand. A recovery above $2,800 would be needed to regain bullish momentum, while failure to hold current levels risks further downside.