Ethereum is experiencing a surge of new users. Network activity has doubled within a month

In its Thursday report, Glassnode points out that this is not merely increased activity from existing users. On the contrary, the data clearly indicate a “significant rise in addresses that have interacted with the network for the first time in the past 30 days.” In other words – Ethereum is attracting new people.

And it is not just a short-term spike. Over the past year, the number of active addresses on Ethereum has more than doubled: from approximately 410 thousand last January to more than one million as of January 15 this year, according to data from Etherscan.

Record number of transactions and stablecoin boom

Hand in hand with this, the number of transactions is also rising. On Thursday, the Ethereum network recorded a historical maximum: 2.8 million transactions in a single day. This represents a year-on-year increase of 125%.

The macroeconomic newsletter Milk Road attributes this jump primarily to the explosion in stablecoin usage on Ethereum combined with declining fees. “This is the result of Ethereum moving the computational layer to L2 solutions while keeping secure settlement on L1. This is exactly what scalable financial infrastructure looks like,” writes Milk Road. “There are many reasons for optimism.”

Optimism is growing among analysts as well

The positive sentiment is also reflected in expert commentary. “When we look at Ethereum, there are really a lot of things we can be optimistic about,” says Justin d'Anethan, Head of Research at Arctic Digital.

According to him, short-term indicators that were in the oversold zone are starting to turn upward. “They suggest the possibility of significantly higher prices, driven by new capital inflows into ETFs, stablecoins, and native cryptocurrency protocols,” he adds.

Nick Ruck from LVRG Research sees the situation similarly. He notes that daily transactions on the network are already exceeding two million and the volume of staked ETH is approaching the 36 million token mark.

“These strong on-chain fundamentals, combined with continued ETF inflows and growing optimism in the ecosystem, position Ethereum in a way that could allow it to break through current resistance levels in the near term. Especially in an environment where liquidity is tightening and institutional participation is increasing,” says Ruck.

ETH price: calm before movement?

Increased network activity and positive sentiment are logically reflected in expectations regarding the price. “There is strong compression taking place on Ethereum and it is very likely that a breakout will occur next week,” said MN Fund founder Michaël van de Poppe on Thursday.

Ethereum climbed to a two-month high of 3,400 dollars last Wednesday, followed by a decline. Today, a week later, the price is trading just below the 3,000 dollar mark.