Ethereum’s (ETH) on-chain activity has surged to unprecedented levels, with network growth reaching the highest daily readings ever recorded.

Specifically, over the past week, Ethereum has averaged roughly 327,000 new wallets created per day. This momentum culminated on Sunday, when approximately 393,600 new ETH wallets were added, marking the highest single-day increase in the network’s history, according to data shared by on-chain analysis platform Santiment on January 14.

Indeed, the network has seen a steady upward trend in total non-empty wallets, which have climbed to about 172.9 million.

Several structural factors are driving the surge in activity. In early December 2025, Ethereum rolled out the Fusaka upgrade, improving data handling and sharply reducing the cost for Layer-2 networks to post data to the main chain. Lower fees and smoother interactions have made decentralized applications and everyday transactions more accessible, encouraging new wallet creation.

Ethereum has also continued to demonstrate strong real-world utility. Stablecoin transfers hit record levels in late 2025, with volumes reaching about $8 trillion in the fourth quarter. This growth in payment and settlement activity reinforces Ethereum’s role as a key financial rail, bringing in new users who need wallets to hold and move assets.

Improving sentiment has further supported adoption. From late 2025 into early 2026, on-chain and social indicators turned more positive, aligning with increased interest in DeFi, NFTs, gaming, and other Ethereum-based applications. Seasonal year-end and new-year dynamics likely amplified onboarding as investors and developers reset and re-engaged with the network.

Ethereum price analysis 

Meanwhile, amid this peak in on-chain activity, Ethereum’s price has remained steadily above the $3,000 level. By press time, the second-ranked cryptocurrency by market capitalization was trading at $3,291, up more than 5% over the past 24 hours, while on the weekly timeframe, ETH is up 2.5%.

At the current price, Ethereum reflects a neutral market sentiment amid moderate volatility. Notably, Ethereum’s 50-day Simple Moving Average (SMA) at $3,044.37 sits below the current price, signaling short-term bullish momentum as the asset trades above this level.

However, the 200-day SMA at $3,582.28 remains above the price, indicating longer-term bearish pressure and potential resistance ahead.

Meanwhile, the 14-day Relative Strength Index (RSI) of 64.58 is neutral, suggesting the market is neither overbought nor oversold, supporting a balanced outlook without immediate reversal signals.

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