On-chain data shows that Ethereum’s active address metric is surging even as the cryptocurrency’s price has fallen.
Ethereum network activity has increased recently
In a new post on X, CryptoQuant Community Analyst Maartunn talks about the latest trends in the 100-day moving average (MA) of Ethereum active addresses. This metric measures the total number of wallets that come online on the blockchain each day. An address is said to be “online” when it is participating in some transactional activity (either as a sender or receiver), so an active address essentially tracks the daily amount of wallets that make at least one transfer.
An increase in the value of the indicator means that more users are participating in network activity. These trends suggest that interest in trading in cryptocurrencies is increasing. On the other hand, indicators that are decreasing suggest that attention may be shifting away from blockchain as the number of addresses conducting transactions is decreasing.
Here is a graph shared by Maartunn showing the trend of the 100-day moving average of Ethereum active addresses over the past 10 years.
The value of the metric appears to have been going up in recent days | Source: @JA_Maartun on X
As shown in the graph above, 100-day MA Ethereum active addresses recorded a decline in the last quarter of 2025 due to a bearish shift in the price of the cryptocurrency. Investor excitement tends to wane when bullish momentum dissipates, which could be the reason for the decline in network activity.
However, this chart also confirms that since bottoming out, this trend shows a sharp reversal in 2026. The increased activity initially appeared as the market recovered, but it has continued even as the rally stalled and ETH crashed along with the broader sector.
Naturally, this is a 100-day MA, so its value comes with some lag, so it’s quite possible that a drop in activity will be reflected later, but it’s still interesting to see a sharp reversal in active addresses so far. The 100-day moving average for this indicator is currently hovering at 469,303, which is significantly higher than last year’s cycle high and about the same level as the all-time high (ATH) set during the 2021 bull market.
In the past two cycles, cyclical peaks in this indicator have been followed by significant highs in price, but this does not appear to be the case so far in the current cycle. It remains to be seen whether recent trends are a sign that trading activity is becoming decoupled from price movements, or if it is a temporary deviation.
ETH price
At the time of writing, Ethereum is hovering around $2,290, down 21% over the past seven days.
Looks like the price of the coin has plunged over the last few days | Source: ETHUSDT on TradingView
Featured image from Dall-E, chart from TradingView.com
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