{"id":20675,"date":"2026-01-26T23:59:55","date_gmt":"2026-01-26T23:59:55","guid":{"rendered":"https:\/\/bitunikey.com\/news\/mcglone-flags-downside-risk-for-ethereum-as-network-activity-hits-record-high\/"},"modified":"2026-01-27T00:00:00","modified_gmt":"2026-01-27T00:00:00","slug":"mcglone-flags-downside-risk-for-ethereum-as-network-activity-hits-record-high","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/mcglone-flags-downside-risk-for-ethereum-as-network-activity-hits-record-high\/","title":{"rendered":"McGlone flags downside risk for Ethereum as network activity hits record high"},"content":{"rendered":"<p><\/p>\n<div class=\"post-detail__content blocks\">\n<p class=\"is-style-lead\">Ethereum is sending mixed signals to investors, with bearish macro warnings colliding with record on-chain usage.<\/p>\n<div id=\"cn-block-summary-block_05684a31ab776c6fbdca9d70e15f7b3d\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>Ethereum\u2019s seven-day simple moving average of active addresses climbed to roughly 718,000.<\/li>\n<li>Despite the surge in activity, Ether has struggled to break out of its established trading range.<\/li>\n<li>Ether appears vulnerable to further downside, according to Bloomberg Intelligence commodity strategist Mike McGlone. <\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>Bloomberg Intelligence commodity strategist Mike McGlone said Ether appears vulnerable to further downside, warning that the token is more likely to slip below key support than break to new highs as broader market volatility returns.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Ether appears to be heading toward the lower end of its $2,000-$4,000 range since 2023. I see greater risks of it staying below $2,000 than above $4,000, especially when stock market volatility rebounds. <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/t.co\/1IAMV10Jwe\">pic.twitter.com\/1IAMV10Jwe<\/a><\/p>\n<p>\u2014 Mike McGlone (@mikemcglone11) <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/twitter.com\/mikemcglone11\/status\/2015494412009086994?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">January 25, 2026<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<p>The cautious outlook stands in contrast to Ethereum\u2019s on-chain data, which shows accelerating network activity even as prices remain rangebound.<\/p>\n<p>Ethereum\u2019s seven-day simple moving average of active addresses <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/6976244aa662164c848654db-Ethereum-Active-Addresses-Hit-All-Time-High-A-Strong-Bullish-Signal\" target=\"_blank\" rel=\"nofollow\">climbed<\/a> to roughly 718,000, the highest level on record, according to blockchain data. The milestone signals rising user participation and transaction demand across the network.<\/p>\n<p>Despite the surge in activity, Ether has struggled to break out of its established trading range. The token was up about 3% on the day, but remained well below recent highs.<\/p>\n<p>The divergence between flat prices and rising usage has historically preceded periods of price appreciation, as expanding network activity often reflects growing utility that markets reprice with a lag. Analysts say the latest increase in activity may be driven by higher Layer-2 adoption, renewed decentralized finance usage, or returning retail participation.<\/p>\n<p>For now, Ethereum\u2019s fundamentals appear to be strengthening even as macro risks \u2014 including equity market volatility and tightening financial conditions \u2014 weigh on investor sentiment, leaving traders to decide whether network growth or broader risk-off pressures will ultimately dictate ETH\u2019s next move.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum is sending mixed signals to investors, with bearish macro warnings colliding with record on-chain usage. Summary Ethereum\u2019s seven-day simple moving average of active addresses climbed to roughly 718,000. Despite&hellip;<\/p>\n","protected":false},"author":1,"featured_media":8150,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-20675","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/20675","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=20675"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/20675\/revisions"}],"predecessor-version":[{"id":20676,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/20675\/revisions\/20676"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/8150"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=20675"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=20675"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=20675"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}