Researchers at Glassnode have observed a twofold increase in Ethereum's activity retention metric.
Ethereum’s Month-over-Month Activity Retention shows a sharp spike in the “New” cohort, indicating a surge in first-time interacting addresses over the past 30 days.
— glassnode (@glassnode) January 15, 2026
This reflects a notable influx of new wallets engaging with the Ethereum network, rather than activity being… pic.twitter.com/h8Zw7hXOSX
Experts attribute this trend to a significant influx of new users rather than actions from existing market participants. The number of addresses interacting with the blockchain for the first time in the last 30 days surged from 4 million to 8 million.
The retention metric helps distinguish between a loyal audience and those making one-off transactions. The current growth indicates that newcomers continue to use the network after their initial transaction.
On-Chain Activity
Ethereum user activity is hitting record highs. According to Etherscan, on January 15, the number of addresses on the network surpassed 1 million—more than double last year's figure of 410,000.
At the same time, a new peak in daily transactions was recorded at 2.8 million, representing a 125% year-over-year increase. Experts from Milk Road explained this trend as a result of lower transaction costs, which have boosted the use of stablecoins.
On the chart below, you can see record volumes of stablecoin usage on Ethereum alongside extremely low transaction fees:
Transaction costs for token swaps in the network are $0.04; cross-chain transfers cost $0.01. A transaction on a DeFi lending service will cost $0.03.
Average cost of standard transactions on the Ethereum network. Source: Etherscan.
Reasons for Optimism
Many analysts note improved market sentiment and positive signals in the context of technical and fundamental analysis.
“Short-term indicators have moved out of the oversold zone and suggest potential price growth. The drivers include capital inflow into ETFs, stablecoins, and native protocols,” explained Arctic Digital researcher Justin d’Anethan in a comment to Cointelegraph.
In terms of on-chain activity, the daily number of transactions has exceeded 2.5 million, and the amount of coins in staking is approximately 36 million ETH.
Daily transaction volume dynamics. Source: Etherscan.
“Strong on-chain metrics, a steady inflow of funds into ETFs, and optimism among ecosystem participants create conditions for breaking through current resistance levels,” said LVRG Research director Nick Rak.
He believes that the asset's position is strengthened by a liquidity shortage caused by high institutional demand. Additional support comes from upgrades that enhance network scalability and reduce fees.
MN Fund founder Michaël van de Poppe also maintains a positive outlook, noting growth potential:
There's a lot of compression taking place with $ETH and that's likely to break out in the coming week.
— Michaël van de Poppe (@CryptoMichNL) January 15, 2026
That's a great sign for the markets, as $ETH holding above the 21-Day MA against Bitcoin would signal that there's more risk appetite flowing towards the #Altcoin markets. pic.twitter.com/yTYwm5KCRQ
“There is significant compression happening in Ethereum, and a breakout is likely next week,” wrote the technical analyst.
As of this writing, Ether is trading around $3,300. Over the past week, the asset has risen by 6.1%, according to CoinGecko.
Recall that at the beginning of 2026, the share of ETH locked in staking reached a record 30%.