Ethereum Sees 110% Surge in New Holders After Fusaka Upgrade

Key Highlights

Ethereum’s new holder count surged 110% after the Fusaka upgrade, with nearly 292,000 new addresses added daily.
ETH is trading near $3,173 within a descending wedge, signaling a potential breakout or rejection.
Mid-term holders are largely holding positions, reducing selling pressure but increasing risk near break-even levels.

The network activity of Ethereum has increased significantly after the Fusaka upgrade in early December, with new data indicating that the number of holders has increased significantly, despite the asset approaching one of the key technical levels.

On-chain data show that the number of new Ethereum holders has increased by an average of 110% in the last three weeks, which is a sign of new activity in the network.

This increase is accompanied by the ETH price action narrowing in a downward wedge, which puts the asset at the risk of a possible breakout.

Etherium increases following Fusaka upgrade

The Fusaka upgrade was launched on December 3, 2025 and it introduced modifications to enhance scalability and cost reduction on Ethereum Layer-2 (L2) networks. Reduction of transaction costs has been an Ethereum user priority, especially with the increased competition with other smart contract platforms.

On-chain data shows that Ethereum has been receiving approximately 292,000 new addresses every day since the upgrade. These new addresses are wallets that have not yet interacted with ETH, which is a typical indicator of adoption trends.

The surge may also be due to seasonal factors. The market usually picks up towards the end of the year, as portfolio rebalancing, positioning at the beginning of the new year, and fresh interest after significant protocol changes drive the market.

The same spikes in address creation were seen following the Merge of Ethereum in 2022 and the Dencun upgrade cycle earlier in 2024.

Although not every new address will become long-term users, continued growth at this rate usually indicates that more people are using the network, which can provide liquidity and price stability in turbulent times.

Holder behavior displays wary positioning

The behavior of holders indicates a reserved market, although the network activity is increasing. HODL Waves indicator shows that growth is registered amongst mid-term holders, which are wallets containing ETH between three and six months.

The majority of these investors came into the market in July to October 2025. There are early entrants that are already in profit, and many of those who purchased later are still underwater.

This has resulted in what analysts term as forced holding where investors hold back until the price rebounds. These cohorts will reduce selling pressure, which will temporarily sustain price levels.

Nevertheless, this dynamic also carries the risk. Selling activity may pick up as ETH approaches break-even levels on the mid-term holders, and there is no real upside unless new demand soaks up the supply.

Price of ETH approaches technical decision

At the time of writing, Ethereum (ETH) was trading at approximately $3,173, near the top of a falling wedge that has been developing since the beginning of November. These trends usually lead to acute price fluctuations, but the direction is determined by the overall conditions in the market.

Provided that ETH breaks above the resistance at around $3,287, it would open a short-term trend to the range of $3,400-3,450. Technical estimates indicate that there is a higher upside but this would need more buying volume to support.

On the negative side, the inability to break out may push ETH down to less than $3,000. Any shift towards the support of $2,900 would undermine the optimistic perspective and strengthen range-bound trading.

Why this matters

The increasing number of holders and the growing efficiency of the Ethereum network come at a time when investors are looking to 2026, a year most believe will see regulatory clarity and wider institutional involvement.

Although the price trend is not clear, the trend of increased adoption and technical compression puts Ethereum at a pivotal point in the network and the market.

To date, the next step of Ethereum is probably determined by the ability of the adoption momentum to be converted into long-term demand.