Ethereum user activity, despite price decline, is approaching its all-time high.
Despite the recent plunge in the price of Ethereum (ETH), the number of on-chain users has surged, approaching its all-time high.
In recent data released on X (formerly Twitter), Maartunn, an analyst at on-chain data analytics platform CryptoQuant, pointed out that the 100-day moving average of "active addresses" on the Ethereum network is rising sharply. This metric measures the number of addresses participating in transactions within a day and is considered one of the core indicators for judging network activity and user engagement.
According to a chart shared by Martunn, the number of active Ethereum addresses declined in the fourth quarter of 2025. This was interpreted as a result of the overall weakness in the cryptocurrency market and waning investor interest at the time. However, the trend rebounded sharply in 2026. Notably, after the increase in network activity during the price rebound, this number has continued to rise despite the recent significant drop in ETH prices.
Based on the current level, the 100-day moving average of active addresses is 469,303, exceeding the high point of last year's cycle and approaching the historical high during the 2021 bull market. In the past two cycles, the number of active addresses typically peaked after prices reached their highs, but this time the trend is different.
This atypical trend suggests that trading activity is not necessarily synchronized with price movements. Analysts believe it is currently difficult to determine whether this change is temporary or the beginning of a structural decoupling between investor sentiment and network utilization.
On the other hand, Ethereum is currently trading at around $2,290 (approximately 333.65 million Korean won), having plummeted by about 21% in the past week. While trading volume metrics are not yet sufficient to determine if this decoupling trend is fully established, it is clear that the relationship between network activity and price movements is becoming increasingly complex.
Whether Ethereum's active address count reflects substantial growth in network utility or indicates that the user base is expanding even during temporary market adjustments, its future data trends are attracting considerable attention.
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Despite the ETH price plummeting by over 20%, the surge in the number of "active addresses" on the Ethereum network reveals an important message: the actual "behavior" of market participants may precede price movements.
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