Key Takeaways
- Daily active addresses on Ethereum reached approximately 2 million users during February 2026, exceeding previous 2021 highs
- Despite unprecedented network usage, ETH has declined roughly 30% in the last half-year
- In 30-day fee generation metrics, Ethereum trails both Tron and Solana, landing in third position
- Base and other layer-2 solutions are generating more protocol revenue than Ethereum’s main chain
- On March 10, Ethereum spot ETFs recorded $12.59 million in combined net inflows with no outflows from any of the nine funds
The Ethereum network is experiencing unprecedented levels of blockchain activity. However, the price performance of ether (ETH) tells a drastically different story.
According to a March 10 analysis from blockchain analytics platform CryptoQuant, Ethereum’s daily active address count approached 2 million during February 2026. This milestone eclipsed the previous records established during the 2021 cryptocurrency bull run.
Daily smart contract interactions exceeded 40 million executions. Token movement volumes similarly reached all-time highs. This heightened activity encompasses decentralized finance applications, stablecoin transactions, and automated protocol interactions.
Despite this surge in usage, ETH’s market value has contracted approximately 30% across the preceding six-month period. This represents a departure from historical correlations where expanding on-chain metrics typically corresponded with upward price momentum.
According to CryptoQuant’s analysis, capital movement patterns have become more influential price determinants than utilization metrics. Exchange deposit data reveals ether flowing to centralized platforms at rates exceeding bitcoin, signaling potential liquidation pressure.
Ethereum’s realized capitalization change over a twelve-month timeframe has shifted into negative territory. This metric indicates net capital withdrawal from the ecosystem rather than accumulation.
Fee Revenue Shifts Toward Competitors
In terms of fee generation, Ethereum has lost ground to competitors. According to DefiLlama metrics, Ethereum collected approximately $10.3 million in transaction fees during the previous 30-day window. Tron dominated with nearly $25 million, while Solana secured second place with approximately $20 million.
When examining protocol revenue specifically, Ethereum placed fifth with merely $1.22 million. Base, a layer-2 scaling solution developed by Coinbase atop Ethereum infrastructure, generated approximately triple the protocol revenue compared to Ethereum’s foundational layer during the identical timeframe.
Layer-2 scaling solutions handle transaction processing off the main chain and remit minimal settlement fees back to Ethereum. This architecture distributes economic value throughout the broader ecosystem instead of channeling it through the base layer.
Ethereum maintains hosting duties for approximately $162 billion in stablecoin market capitalization — representing roughly 52% of the worldwide total. However, this commanding position hasn’t converted into enhanced value capture for ETH tokens.
Price Projections and ETF Momentum
Forecasting platform CoinCodex projects ETH could surpass the $3,000 threshold by May 2026. Their algorithmic model anticipates the price maintaining levels above $2,000 throughout most of the year, with potential upside reaching approximately $3,673.
Achieving that projected peak from present valuations would constitute approximately 90% appreciation. The model forecasts December 2026 pricing around $2,477, translating to a projected 28% gain.
The only thing we need right now is for this area to remain a manipulation wick. If we get a strong candle close, our next target is $3K.
After that, a small retrace (what I consider the final entry opportunity), followed by ATH.
The plan is simple.
Everything’s been… https://t.co/f98ioGEdar pic.twitter.com/VV5NjW3cBC— Alien OPS (@alienopstrading) March 10, 2026
On March 10, Ethereum spot ETF products registered combined net inflows totaling $12.59 million. None of the nine available ETFs experienced net outflows during this trading session.
