TLDR
- Ethereum’s daily active addresses hit a record ~2 million in February 2026, double the 2021 bull market peak
- Smart contract calls surpassed 40 million daily, also a record high
- Despite record network growth, ETH has lost over 50% of its value in four months
- Capital is flowing out of ETH — realized capitalization has turned negative
- ETH is currently trading around $2,020–$2,055, with $2,080 as the key resistance to watch
Ethereum’s network is busier than ever. But the price tells a different story.
Over the past few months, key activity metrics on the Ethereum blockchain have hit all-time highs. Daily active addresses reached around 2 million in February — double the peak seen during the 2021 bull run, according to data from CryptoQuant.
#Ethereum activity is at all-time highs.
Active addresses, transfers, and smart contract calls keep rising, even above 2021 levels, while #ETH price is down over 50%.
The reason: capital outflows. Network growth ≠ price if liquidity is leaving. pic.twitter.com/I4leWtN0U9
— Erik (@ero_crypto) March 11, 2026
Smart contract calls have also surged past previous records. Total contract calls are now exceeding 40 million per day, well above levels seen in the 2021 and 2018 bull markets.
In past cycles, this kind of network growth usually came alongside price gains. Not this time.
ETH has dropped more than 50% over the past four months. Analysts at CryptoQuant say the link between network activity and price is breaking down.
“The weakening relationship suggests that Ethereum’s application-layer growth is no longer translating directly into higher ETH valuations,” the CryptoQuant team wrote.
Capital Is Leaving ETH
The bigger story may be where the money is going. ETH has seen larger exchange inflows than Bitcoin recently — a sign of higher selling pressure. Historically, that pattern has lined up with price tops.
Ethereum’s realized capitalization — a measure of net capital moving in and out — has also turned negative. That means more money is leaving the network than entering it.
In 2021, a rising realized cap lined up with ETH’s biggest price gains. When it turned negative in 2022, prices fell sharply. The same pattern is playing out now.
Where ETH Stands Right Now
Ethereum is currently trading around $2,020–$2,055. The price cleared the $2,000 level after recovering from a low of $1,912, but is now facing resistance near $2,080.
$ETH is still holding above the $2,000 level.
This is a must-hold zone; otherwise, Ethereum could drop towards the $1,900 level again. pic.twitter.com/56NFsFE65k
— Ted (@TedPillows) March 11, 2026
The 20-day EMA sits near $2,024, and ETH is holding just above it. That’s seen as an important level for short-term direction.
The 50-day EMA is higher at around $2,219, suggesting the medium-term trend is still down.
If ETH can break above $2,080–$2,135, the next targets are $2,200 and potentially $2,389. On the downside, $1,980 is the first level to watch, followed by $1,910.
There were $43.3 million in liquidations over the last 24 hours — $24.6 million of which were short liquidations, according to Coinglass.
ETH is holding the $2,000 level for now. Traders are watching $2,080 as the next key test.
