Ethereum Active Addresses Near All-Time High Despite Price Plunge

On-chain data shows the Active Addresses indicator has shot up for Ethereum even as the cryptocurrency’s price has witnessed a drawdown.

When the value of the indicator rises, it means a higher number of users are becoming involved in network activity. Such a trend suggests trading interest in the cryptocurrency is going up. On the other hand, the metric witnessing a decline implies attention may be moving away from the blockchain as a fewer amount of addresses are making transactions.

Now, here is the chart shared by Maartunn that shows the trend in the 100-day MA of the Ethereum Active Addresses over the last decade:

As displayed in the above graph, the 100-day MA Ethereum Active Addresses registered a decline in the last quarter of 2025 as the cryptocurrency’s price went through a bearish shift. Investor excitement tends to die as bullish momentum disappears, so it could be why network activity saw a decrease.

In the last two cycles, the indicator’s cyclical peak followed a major price top, but that doesn’t appear to be the case for the current cycle so far. It now remains to be seen whether the recent trend is a sign that transaction activity is decoupling from price action or if it’s a temporary deviation.

At the time of writing, Ethereum is floating around $2,290, down 21% in the last seven days.