Ethereum Active Addresses Near All-Time High Despite Price Plunge
On-chain knowledge exhibits the Active Addresses indicator has shot up for Ethereum even because the cryptocurrency’s worth has witnessed a drawdown.
Ethereum Network Activity Has Surged Recently
In a brand new post on X, CryptoQuant group analyst Maartunn has talked concerning the newest development within the 100-day transferring common (MA) of the Ethereum Active Addresses. This metric measures the overall variety of wallets which might be coming on-line on the blockchain each day. An handle is claimed to be “on-line” when it participates in some sort of transaction exercise (whether or not as a sender or receiver), so the Active Addresses principally tracks the each day quantity of wallets making at the very least one switch.
When the worth of the indicator rises, it means a better variety of customers have gotten concerned in community exercise. Such a development suggests buying and selling curiosity within the cryptocurrency goes up. On the opposite hand, the metric witnessing a decline implies consideration could also be transferring away from the blockchain as a fewer quantity of addresses are making transactions.
Now, right here is the chart shared by Maartunn that exhibits the development within the 100-day MA of the Ethereum Active Addresses over the past decade:
As displayed within the above graph, the 100-day MA Ethereum Active Addresses registered a decline within the final quarter of 2025 because the cryptocurrency’s worth went by way of a bearish shift. Investor pleasure tends to die as bullish momentum disappears, so it may very well be why community exercise noticed a lower.
It’s additionally seen within the chart, nonetheless, that since hitting a backside, the development has noticed a pointy reversal in 2026. The rise in exercise initially emerged because the market recovered, but it surely has continued even because the rally has fizzled out and ETH has crashed alongside the broader sector.
Naturally, because it’s a 100-day MA, some delay is related to its worth, so a drop in exercise may very effectively be mirrored later, but it surely’s nonetheless attention-grabbing {that a} sharp reversal in Active Addresses has even occurred thus far. Currently, the indicator’s 100-day MA worth is sitting at 469,303, which is notably greater than the cycle high from final 12 months and nearly the identical stage because the all-time high (ATH) set again throughout the 2021 bull market.
In the final two cycles, the indicator’s cyclical peak adopted a serious worth prime, however that doesn’t seem like the case for the present cycle thus far. It now stays to be seen whether or not the current development is an indication that transaction exercise is decoupling from worth motion or if it’s a brief deviation.
ETH Price
At the time of writing, Ethereum is floating round $2,290, down 21% within the final seven days.
