Ethereum has entered 2026 with renewed momentum, trading above $3,300 as on-chain activity reaches record levels and institutional interest continues to build. While ETH price performance has lagged some competitors in recent cycles, analysts argue that the gap between network usage and valuation is becoming increasingly difficult to ignore.
With regulatory clarity potentially approaching in the United States and corporations quietly accumulating large ETH positions, some analysts now see a path toward significantly higher prices over the course of 2026.
Ethereum network activity hits record highs
Ethereum’s on-chain metrics have surged to historic levels. Data from Santiment shows that the network recently recorded 393,500 new wallets created in a single day, the highest figure ever observed. Over the past several weeks, daily wallet creation has averaged more than 327,000 new addresses.
Other metrics confirm the trend. According to Nansen, monthly active Ethereum addresses have climbed 45% to 12.4 million, while total transaction counts increased 23% to over 55 million. Despite growing competition from alternative Layer 1s and Layer 2 networks, Ethereum has maintained dominant positions in key sectors, including:
- 76% share of DeFi activity
- 63% share of real-world asset (RWA) tokenization
Recent upgrades, rising stablecoin usage, and renewed demand for on-chain financial infrastructure have all contributed to the surge in activity. With additional upgrades such as Glamsterdam and Hegota still ahead, usage trends suggest Ethereum’s fundamentals remain strong even as price trails behind.
The CLARITY act as a potential catalyst
Regulatory developments in the United States could represent the next major catalyst for Ethereum. The US Senate is preparing to mark up the CLARITY Act, legislation aimed at clearly defining the roles of the SEC and CFTC in overseeing digital assets.
If passed, the bill could pave the way for Ethereum to be formally recognized as a digital commodity, a shift that many believe would materially reduce regulatory risk for institutional investors. For years, uncertainty around classification has limited long-term capital commitment. Clearer rules could allow ETH to be treated more like infrastructure than a speculative asset.
Markets often price in regulatory change before final outcomes are known, and growing anticipation around the CLARITY Act has already started to influence sentiment.
Institutional accumulation accelerates
Ethereum accumulation activity analyzed by Lookonchain. Source: Lookonchain
Institutional accumulation has continued largely out of the spotlight. Bitmine Immersion Technologies has emerged as the largest fresh-money buyer of ETH globally, currently holding 4.168 million ETH, equivalent to roughly 3.45% of total supply.
Of that amount, more than 1.25 million ETH is staked, with the company targeting 5% supply ownership in the coming months. Bitmine also holds close to $14 billion in crypto and cash, underscoring the scale of its balance sheet.
Between January 5 and January 11, Bitmine acquired 24,266 ETH, marking its smallest weekly purchase in recent months but still reinforcing its long-term accumulation strategy. Company leadership, supported by investor Tom Lee, has emphasized a focus on increasing ETH per share rather than short-term price action.
Analyst view: ETH could reach $7,500 in 2026
Luke Fraser of CoinPaper argues that Ethereum’s price has yet to reflect the scale of growth happening across the network. In his view, sustained usage, tightening supply through staking, and regulatory clarity could combine to drive a repricing phase.
Fraser’s 2026 outlook for Ethereum places it in a range between $3,800 and $7,500, with the upper bound reflecting a scenario where institutional adoption accelerates and capital begins to treat ETH as long-duration digital infrastructure. Under this framework, price appreciation would be driven less by speculative hype and more by sustained demand and capital retention.
CoinCodex Ethereum price prediction for 2026
CoinCodex Ethereum price prediction for 2026. Source: CoinCodex
CoinCodex’s Ethereum price prediction presents a slightly more conservative outlook compared to Fraser’s. According to CoinCodex models, ETH is projected to trade mostly between $4,000 and $6,300 during 2026, with the forecast peak occurring in the first half of the year.
The model suggests that Ethereum could gradually climb from current levels near $3,360 toward a projected high of approximately $6,323, before consolidating as market conditions evolve. While less aggressive than the $7,500 target, the CoinCodex forecast still implies meaningful upside and aligns with expectations of steady growth rather than a single parabolic move.
Together, the two outlooks frame a broad range for ETH in 2026, with CoinCodex modeling a measured expansion and analysts highlighting the potential for a stronger repricing if catalysts align.
