TL;DR
- Ethereum network growth is now driven by new, first-time users.
- The price is consolidating around $3,300 after a recent upward move.
- This pattern of new user growth differs from previous bullish cycles.
Activity on the Ethereum blockchain accelerated over the last month. New data shows growth is now primarily driven by first-time participants. Activity from existing wallets has decreased in comparison.
Analytics from Glassnode indicate the number of new addresses interacting with the network nearly doubled compared to 2025 levels. This change signals a structural expansion different from previous cycles. Historically, peaks in Ethereum usage coincided with bullish cycles like 2017 and 2021, where retained and returning users dominated activity.
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
The year 2026 shows a widening base of new wallets forming the foundation of network usage. This growth in new participants occurs while the asset’s price shows sideways behavior. From a technical perspective, Ethereum is trading in a relatively tight range around $3,300.
This movement follows a pronounced upward impulse earlier in the week
The chart shows that after a bullish breakout, price action shifted into sideways consolidation. This behavior suggests the market is digesting recent gains rather than extending them immediately.
Moderated volume reinforces the view of a pause rather than a reversal. Such consolidations often precede continuation moves or deeper pullbacks, depending on how momentum resolves.
Momentum indicators support the consolidation narrative. The Relative Strength Index remains in the low 50s, neutral territory. This suggests Ether is neither overbought nor oversold, leaving room for movement in either direction.
The Moving Average Convergence Divergence remains slightly negative, with its signal and MACD lines close together. This configuration typically reflects weakening momentum rather than strong bearish pressure. In past cycles, similar setups often acted as a reset phase before the next directional move.
The technical picture mirrors the on-chain data
Ethereum appears to be in a transitional phase. While user growth accelerates beneath the surface, price action is consolidating. This dynamic could be laying the groundwork for a larger move once sentiment and momentum realign.
