Ethereum Hits Record Mainnet Activity as Price Lags, Traders Eye $4K Break

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<a href="https://usdaed.com/eth-usd/">Ethereum</a> Activity Hits Record High as Price Lags Behind

Key Takeaways

  • Ethereum mainnet transactions have reached a new all-time high of about 70.4 million monthly.
  • ETH remains roughly 60% below its previous peak despite accelerating network usage.
  • Binance ETH reserves have fallen to their lowest level since 2024, reducing available sell-side supply.
  • Traders increasingly view current price action as base-building, with $4,000 as a key confirmation level. 

Recent data reveals a widening gap between how much the network is used, the amount of cryptocurrency available on exchanges, and price movements. Experts suggest this pattern typically happens when the market is slowly and steadily building towards a future increase, rather than signaling the end of a price surge.

Record activity on Ethereum mainnet

Ethereum is experiencing a surge in popularity, with network activity reaching a new peak. Last month saw around 70.4 million transactions – more than ever before. This represents a significant increase: transactions are up 36% in the last month, 46% over the past six months, and almost 90% compared to a year ago.

The recent increase isn’t just a temporary jump; it shows consistent growth in users, the number of applications being built, and overall demand for the network. Experts who follow blockchain data say this kind of growth often means more people are actually using the network, even if the price doesn’t immediately reflect it.

Even with all the recent growth, Ethereum’s price is still about 60% lower than its peak, suggesting the market hasn’t fully recognized its value based on how much it’s actually used.

Price structure points to base formation

Technically, traders are starting to see Ethereum’s recent price movement as a period of buying, not selling. Merlijn The Trader notes that ETH has consistently found support between $1,500 and $2,200, suggesting strong demand, and recent price drops seem to have shaken out investors who were easily discouraged.

ETHEREUM IS BUILDING A BASE, NOT A TOP.

$1.5K–$2.2K held as demand.Liquidity got swept.Weak hands flushed.

Now the only thing that matters:Get back above $4K.

That’s when the real trend shows up.

— Merlijn The Trader (@MerlijnTrader)

Despite recent dips below important price points, the market hasn’t seen a significant or lasting drop. Traders are now watching the $4,000 level closely; a break below that would likely signal a major shift in the overall trend. For now, the market is staying within a relatively stable range, suggesting it may be preparing for a longer period of gradual growth.

Exchange reserves keep falling

Looking at where Ethereum is held, data shows a decrease in the amount on the Binance exchange. Currently, Binance holds around 3.7 million ETH, the lowest it’s held since the beginning of 2024. This decrease hasn’t been a rapid drop, but a slow and steady shift, which indicates people are deliberately moving their Ethereum rather than withdrawing it due to fear.

Exchange reserves are the amount of Ethereum immediately available for sale on the market. A decreasing trend in these reserves usually suggests less immediate selling, indicating that more Ethereum is being held for the long term, used in staking, or utilized in decentralized finance applications.

In the past, drops in available supply like this have often led to shortages, particularly when more transactions are happening on the blockchain at the same time.

Fundamentals strengthening beneath the surface

Ethereum is showing signs of growing strength. Increased network activity, fewer coins held on exchanges, and a relatively stable price all point to solid foundations that the market hasn’t fully recognized yet. Although price swings are still possible in the short term, the data indicates Ethereum is likely stabilizing and building a base, rather than reaching its peak.

Those who have been watching the market for a while might notice that how much people are using something isn’t matching up with how its price is changing – and that’s a key thing happening right now.

This article is for informational purposes only and shouldn’t be considered financial, investment, or trading advice. Coindoo.com doesn’t support or suggest any particular investment or cryptocurrency. Before making any investment choices, be sure to do your own research and talk to a qualified financial advisor.

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2026-02-09 12:03