Ethereum's network just had a record-breaking day, and then decided to one-up itself. On January 14, 2026, the mainnet processed 2,595,176 transactions, according to Etherscan data. That's a significant jump from the previous year, showing the network is busier than a degen at a token launch party. The same day also saw 481,481 new addresses created, proving it's not just existing users transacting more—new participants are flooding in, likely chasing the next 100x or just trying to figure out what a "gas fee" actually is.
This surge in activity is attributed to the usual suspects: DeFi, NFTs, on-chain gaming, and enterprise use cases. Even with Layer 2 solutions gaining traction, the mainnet remains the beating heart of Ethereum—like the old, reliable pizza place that still delivers even though the fancy new food trucks are on every corner. Developers' ongoing scalability and efficiency updates are also keeping the network attractive, because nobody likes a slow blockchain. Analysts note that this high volume could boost network revenue and validator earnings long-term, though everyone's keeping an eye on gas fees like a hawk watching its prey. Ethereum is solidifying its role as a go-to blockchain for both individuals and institutions, with activity expected to stay high, assuming the crypto gods don't decide to play a prank.
But wait, there's more. In a separate but equally notable event, Ethereum broke a 7-year record by onboarding 447,000 new holders in a single day. This milestone came as ETH price broke out of a bullish pattern that had constrained it for nearly two months, pushing above key resistance. The new addresses represent wallets interacting with ETH for the first time, marking a sharp acceleration from recent trends where daily new addresses had already surpassed 300,000. It's like the network is throwing a massive party, and everyone just got the invitation.
This influx of fresh participants isn't just about speculation. Rising address growth suggests broader adoption, strengthening network utility and supporting price stability during rallies. From a macro perspective, the Short-Term Holder Net Unrealized Profit and Loss (STH NUPL) metric is trending higher but remains in the capitulation zone. This means average short-term holders are still underwater, reducing their incentive to sell into strength—because who wants to crystalize a loss when you can just HODL and hope? Historically, Ethereum rallies gain traction while STH NUPL remains negative but improving. Once it turns positive, selling pressure often increases—so there's still room to climb, like a climber halfway up the wall who hasn't yet reached the summit.
At the time of writing, ETH is trading near $3,317, holding firmly above the $3,287 support level. This breakout from a triangle pattern projects a potential 29.4% upside move, targeting around $4,240. Strengthening fundamentals, like rising address growth and restrained selling, support this outlook. A sustained move above $3,441 would reinforce the breakout, potentially carrying ETH toward $3,607. However, downside risk remains if sentiment shifts. If short-term holders sell prematurely to offset losses, Ethereum could slip back below $3,287, invalidating the breakout and retracing toward $3,131 or $3,000. In other words, the market is a rollercoaster, and we're all just holding on for dear life.
*This is not investment advice. Seriously, don't sue us.
