Ethereum Network Activity Sets New Record While ETH Price Trades About 50% Below Peak Levels

Ethereum's on-chain activity has climbed to record highs in 2026, with around 3.4 million active addresses interacting with smart contracts while the price remains roughly 50% below its peak near $6,400. Traders highlight the $2,100–$2,150 zone as a critical support level after over $312 million in ETH positions were liquidated, raising debate over whether the asset is being mispriced.