The post Ethereum Network Hits Record Usage as Price Lags Far Behind appeared on BitcoinEthereumNews.com.

Altcoin Analysis Ethereum is flashing a rare disconnect between price and fundamentals, a setup that hasn’t been seen since the depths of the last major bear market. Key Takeaways Ethereum usage is at record highs while price remains far below its peak, echoing the 2019 setup. Liquidations have reset leverage, with $2,100 flagged by traders as the key decision level. The gap between fundamentals and price is raising questions about a potential mispricing. Network usage has surged to all-time highs, while ETH continues to trade roughly 50% below its peak, leaving analysts increasingly focused on whether the market is mispricing the asset. Ethereum Network Activity Hits Record Highs On-chain data shows Ethereum’s active addresses interacting with smart contracts climbing to around 3.4 million, a record level and nearly three times higher than the peak seen during the 2021 bull cycle. This rise in activity comes despite a prolonged price drawdown, pointing to sustained usage across DeFi, infrastructure, and on-chain applications even as market sentiment remains fragile. A Familiar Pattern From the 2019 Lows A similar divergence played out in early 2019. At the time, Ethereum was trading near $1,200 and widely dismissed by the market. Yet roughly 1.2 million addresses were actively using the network as developers continued building during the bear market. That period ultimately marked the start of a powerful multi-year rally that carried ETH to nearly $4,800. Price Weakness Versus Growing Adoption in 2026 The current cycle shows an even sharper contrast. Ethereum’s price has been cut roughly in half from its peak near $6,400, while network participation has expanded far beyond previous highs. Active addresses with contract interactions now sit at about 3.4 million, highlighting how the scale of adoption in 2026 dwarfs the levels seen during the last major accumulation phase. Liquidations Reset Leverage Across…

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Filed under: News - @ February 4, 2026 7:25 pm