Ethereum’s active address indicator has surged despite the cryptocurrency’s price falling, according to on-chain data.
Ethereum network activity has recently surged
In a new post on X, CryptoQuant community analyst Maartunn talked 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 engages in any kind of transactional activity (whether as a sender or recipient), so an active address basically tracks the daily amount of money in your wallet that you transfer at least once.
If the value of the indicator increases, it means that more users are participating in network activity. This trend suggests that trading interest in cryptocurrencies is growing. On the other hand, indicators witnessing a decline mean that attention may be shifting away from the blockchain as fewer addresses are conducting transactions.
Now here is a chart shared by Maartunn showing the 100-day MA trend 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 downward trend in the fourth quarter of 2025 as the cryptocurrency price underwent a bearish turn. Investor excitement tends to fade as bullish momentum fades, which may be why network activity has declined.
However, the chart also shows that after hitting bottom, the trend took a sharp reversal in 2026. The increase in activity initially came as the market recovered, but continued even as the rally fizzled and ETH tumbled along with the broader sector.
Naturally, since it is a 100-day MA, there is some lag involved in the value, so any decline in activity may well be reflected later, but it is nonetheless interesting to note that such a sharp reversal in active addresses has occurred so far. The indicator’s 100-day MA is currently sitting at 469,303, which is noticeably higher than last year’s cyclical high and almost on par with the all-time high (ATH) hit during the 2021 bull market.
In the past two cycles, the indicator’s cyclical highs have followed major price highs, but this does not appear to be the case yet in the current cycle. Now it remains to be seen whether the recent trend is a sign that trading activity is decoupling from price action or if it is just a temporary deviation.
ETH price
As of this writing, Ethereum is trading at 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 of Dall-E, chart from TradingView.com
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