The Ethereum network registered in February 2026 a historic metric: 2 million active addresses per day, a number that surpasses the peak recorded during the 2021 bull market — until then the period of greatest activity on the network. The data reinforces Ethereum's position as the world's leading blockchain infrastructure, even in a challenging market context.
What drives the activity
The growth in activity on the Ethereum network is attributed to multiple converging factors in 2026:
- Expanding DeFi: the total value locked (TVL) in decentralized finance protocols continues to grow, with new projects attracting liquidity from institutional investors;
- Real World Asset tokenization (RWA): treasury bonds, real estate and other traditional assets tokenized on the Ethereum network already total tens of billions of dollars;
- Layer 2 networks: solutions such as Arbitrum, Optimism and Base reduced transaction fees by up to 95%, making Ethereum accessible for everyday transactions and attracting new users.
The disconnect between usage and price
Despite the record on-chain activity, the price of ETH remains stuck below the $2,200 resistance level — a level that analysts point to as critical for an eventual stronger recovery. This disconnect between the network's fundamentals and price performance has been a recurring topic of debate in the Ethereum community.
For some analysts, the phenomenon reflects the current adverse macroeconomic environment, with inflationary pressures in the US and geopolitical uncertainties keeping investors cautious. For others, the robust activity is a signal of silent accumulation that may precede significant appreciation.
Outlook for 2026
With growing institutional adoption driven by regulatory clarity in the US and Europe, and with Layer 2 networks making Ethereum more efficient than ever, the network's long-term fundamentals have never been more solid. The question the market answers is when — not if — the price of ETH will reflect this reality.