Ethereum (ETH) is attracting significant attention from both institutional investors and everyday users, as on-chain data shows increased participation across staking, treasury accumulation, and wallet creation.
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Similarly, price predictions remain mixed. Big banks and market analysts see further upside, but some warn that the macro environment, ETF flows and technical resistance levels could limit short-term gains.
With ETH trading around $3,300-$3,400 in mid-January, the network’s fundamentals appear to be stronger than in previous quarters. However, questions remain as to whether these trends will lead to sustained price increases.
ETH's price trends upwards on the daily chart. Source: ETHUSD on Tradingview
Ethereum staking and Treasury demand suggest long-term commitment
Ethereum staking has reached a record value of approximately $118 billion, with approximately 35.8 million ETH locked on the Beacon Chain. This represents nearly 30% of the circulating supply and suggests that holders are increasingly seeking yield rather than selling.
Network participation is also increasing. There are currently over 976,000 active validators, with approximately 2.3 million ETH waiting for future staking. Lido Finance remains the largest staking provider, holding around a quarter of all ETH staked.
Corporate financial activities are also fueling this trend. BitMine Immersion, one of the largest Ethereum treasury companies, recently staked an additional 154,304 ETH, which is approximately $514 million at current prices. The company’s total ETH holdings currently exceed 4 million tokens.
Institutional forecasts point to higher goals
Several financial institutions have revised their outlook for Ethereum in 2026. Standard Chartered recently raised its year-end ETH price target from $4,000 to $7,500. The bank cited increased demand from corporate treasury, spot ETH investment products, and expectations for increased network fees.
Since mid-2025, Treasury and ETF-related flows have absorbed nearly 4% of Ethereum’s circulating supply, analysts said. Treasury buyers alone reportedly acquired around 2.3 million ETH in just over two months, a pace that compares favorably with the bank’s previous Bitcoin accumulation phases.
Standard Chartered also suggested that Ethereum could outperform Bitcoin if real-world usage, stablecoin activity, and adoption of tokenized assets continue to grow on the network. Long-term scenarios project costs to reach up to $25,000 by 2028 and $40,000 by 2030, but these projections rely on optimistic assumptions.
Number of users increases, but ETH price faces technical limits
Ethereum’s user base is also growing. In early January, the network recorded approximately 393,600 new wallet addresses per day, with a weekly average of more than 327,000 new addresses.
Analysts attribute this surge to upgrades to the Fusaka protocol, reducing data costs on the Layer 2 network, resulting in around $8 trillion in stablecoin transfers by the second half of 2025.
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Despite strong fundamentals, price trends remain cautious. ETH recently tested the $3,400 resistance level with important hurdles near $3,550 and $3,650 based on the long-term moving average. Support has formed around $3,000, and if that level cannot be sustained, ETH could fall further.
Cover image from ChatGPT, ETHUSD chart from Tradingview
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