Ethereum at the beginning of 2026 is challenging the usual market logic. While the price consolidates around $3,300, the metrics within the network show an astonishing divergence from the chart movement.
The network is experiencing a real boom: the number of active addresses has increased by 53%, and the transaction volume has risen by 28%. However, despite such a surge in activity, the average fees have fallen by 31%.
Why is this becoming a challenge for the price?
Here lies the main paradox. Previously, high activity meant expensive transactions and aggressive burning $ETH . However, thanks to successful scaling, the network has become so efficient that the deflationary mechanism has slowed down. As a result, ETH is burned less, which limits the rapid price growth above $3,500 in the short term.
However, despite the slowdown in deflation, fundamental demand has shifted to another plane. Firstly, spot Ethereum ETFs in January recorded record capital inflows — institutions are buying coins faster than the printing press can operate. Secondly, over 30% of all ETH is locked in staking, creating a real supply shortage on exchanges.
This means we are witnessing a change in the model: the value of Ethereum is now sustained not by speculative burning but by real mass usage and institutional capital. The current price at $3,300 looks like a zone of global accumulation, where the market digests the new economic reality before the next leap.
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