Investment banking giant Goldman Sachs has released a report detailing a significant divergence between Ethereum's market price and its underlying network health. The report, published in early February 2026, notes that while ETH has experienced significant price weakness, on-chain engagement metrics reached multiple all-time highs during January.
Despite bearish price action, Ethereum's utility metrics showed explosive growth. The number of new addresses created daily soared to a record 427,000, far surpassing the previous peak of 162,000 addresses seen during the "DeFi Summer" of 2020. Furthermore, daily active addresses, based on a 7-day moving average, reached a new high of 1.2 million, representing a 27.5% month-over-month increase. Network transactions also grew by 36.0% MoM.
The report highlights a critical technical observation: Ethereum's current market capitalization has fallen below its realized market capitalization. This condition indicates that the average ETH holder is currently at a net loss, based on the price at which their tokens last moved on-chain. Analysts identified the $2,300–$2,500 range as a crucial demand zone for the asset.
Goldman Sachs also examined the Solana network, noting a 24.3% increase in daily active addresses and an 8.2% rise in transactions, though the primary focus remained on Ethereum.
Looking ahead, institutional factors are seen as key to Ethereum's trajectory. Timothy Misir, research director at digital asset analysis firm BRN, emphasized that "the steady flow of ETF inflows into cryptocurrencies is a key indicator. Without this support, it will be difficult for the uptrend to be sustainable." The report also points to the evolution of staking, including "fully staked" exchange-traded products in Europe, as a potential structural shift. Goldman Sachs maintains a constructive outlook on global equities for 2026, projecting an 11% return, which could later support risk-on assets like Ethereum.
