While the market is in a precarious position with both BTC and ETH unable to flip their immediate resistances into support, Ethereum network activity shows that daily active addresses surpassed 700,000 in February 2026, more than the peaks recorded during the 2021 bull market. ETH is down roughly 30% over the past six months, sitting near the $2,000 level even as the network processes work at a historic scale. The gap between what Ethereum is doing and what ETH is worth has rarely been wider. EXPLORE: Best New Cryptocurrencies in 2026 – Recently Launched Coins & Investment Watchlist Ethereum Network Activity: Let’s Look at the Data Ethereum Network Activity Active Addresses Source: CryptoQuant Smart contract calls topped 40 million per day in February, and token transfers driven by internal contract interactions also set records, per the CryptoQuant report