Ethereum just hit a milestone — but the market barely flinched. On-chain analytics firm Santiment reports that 393,600 new Ethereum wallets were created in a single day, the largest single-day spike in the network’s history. At the same time, the number of non-empty Ethereum addresses climbed to an all-time high of 172.97 million, confirming more users than ever now hold at least some ETH (Source: Santiment). Normally, that kind of user growth would boost price momentum. Instead, Ether remains range-bound. On TradingView’s 12-hour ETH/USD chart, Ether trades near $3,177 — well under the $4,000–$4,500 zone where it met repeated resistance through 2025 (Source: TradingView). Although ETH has recovered from November lows around $2,800, the price action shows a pattern of lower highs, hinting that buyers lack conviction. Technical and market signals are muted: - RSI sits near 60 — modest buying pressure, but not the strength typical of a sustained breakout. - Trading volume has stayed lower than during past rallies, implying large buyers are not aggressively accumulating. This creates a stark mismatch: the network is onboarding users faster than ever, but capital is not following at the same clip. Santiment’s numbers point to explosive network activity, yet they don’t prove new wallets are buying and holding meaningful amounts of ETH. Much of the recent user growth can be attributed to activity that doesn’t necessarily translate into token demand, including DeFi interactions, NFT activity, Layer-2 usage, bridging funds, and airdrop/faucet-driven participation. In these cases, users often maintain only the minimal ETH needed for gas or bridging, which inflates wallet and transaction metrics without producing lasting buying pressure. The takeaway: from a fundamental, adoption-focused perspective, Ethereum is strong — its on-chain footprint continues to expand, and its role as a crypto infrastructure layer is growing. From a market perspective, however, ETH remains in a distribution zone, with price action not yet reflecting the network’s user growth. Until sustained capital inflows and accumulation match on-chain adoption, the recent adoption boom may remain decoupled from ETH price — a cautionary note for traders who expect network metrics to automatically trigger rallies. Sources: Santiment, TradingView Disclaimer: AMBCrypto’s content is informational and not investment advice. Cryptocurrency trading involves high risk; do your own research before making investment decisions. © 2026 AMBCrypto Read more AI-generated news on: undefined/news

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