Ethereum’s mainnet recorded a significant milestone in Q1 2026,
processing over 200.4 million transactions — the highest quarterly figure in its history. This marks a sharp recovery from the 2023 lows, where quarterly transactions dropped to nearly 90 million, forming a clear U-shaped rebound in network activity.
Despite this strong fundamental growth, Ether’s price has not followed the same trajectory. Currently trading around $2,330, ETH remains more than 50% below its all-time high of nearly $5,000 reached in August 2025.
This divergence highlights a growing disconnect between on-chain activity and market valuation, suggesting that while network usage is expanding rapidly, investor sentiment and price momentum are still lagging behind.