Ethereum network activity accelerated in December after the Fusaka upgrade, with blockchain data showing a sharp rise in new holders while the asset traded near a critical technical level.
The on-chain data show that the number of new Ethereum owners grew by an average of 110% in the past three weeks. The increase occurred during a period when the price activity of ETH remained constrained in a declining technical pattern.
On-chain data show over 292,000 new addresses have been added to Ethereum since early December. These addresses are those wallets that have not been previously engaged with ETH.
The growth of these addresses is usually used to determine the adoption trends of public blockchains. It demonstrates increasing participation, although the dynamics of price momentum are limited.
Fusaka upgrade boosts scalability and lowers fees
The Fusaka upgrade was launched on December 3, 2025. It presented changes to enhance the scalability of Ethereum Layer-2 networks, as well as to lower the cost of transactions.
Reduced transaction costs have also been one of the priorities of Ethereum users. The fee pressure grew due to competition between smart contract platforms.
The recent increase in address creation resembles the previous network upgrades. Ethereum’s merger in 2022 and the Dencun upgrade in early 2024 followed similar patterns.
Seasonal market behavior may also be contributing to higher activity levels. Year-end portfolio adjustments and positioning for the new year often drive increased on-chain engagement.
Despite rising network use, holder behavior suggests caution. Wallets holding ETH for three to six months concentrate growth, according to HODL Waves data.
Mid-term holders can support liquidity during consolidation phases. They can also add selling pressure if prices approach their average cost levels.
Ethereum approaches key technical decision point
At the time of writing, Ethereum was trading near $3,169. The price sat close to the upper boundary of a falling wedge forming since early November.
Source: CoinMarketCap
This technical trend indicates a decreasing volatility with time. These tend to predetermine market price movements when compression is resolved.
The technical resistance can be realized at the level of $3,287. An upswing beyond this area might push price action to the range of 3,400 and $3,450.
On the negative side, lack of success in overcoming resistance can bring ETH beneath the value of $3,000. A fall to the level of $2,900 would undermine short-term positive momentum.
This number of holders is on the rise since Ethereum has been enhancing the efficiency of the network. These patterns are emerging as investors evaluate the situation leading into 2026.
The market is still concerned about whether the growth in adoption can convert into long-term demand. The future price movement of Ethereum seems to be dependent on the interaction of network activity and supply dynamics.