Ethereum network activity reaches peak levels as on-chain metrics diverge from price pressure
Ethereum’s daily active addresses have climbed to 1.3 million, marking the network’s highest activity range on record. The milestone reflects sustained growth across the 2025-2026 market cycle, with addresses consistently pushing past the 1 million threshold.
The surge in on-chain activity contrasts sharply with ETH’s price trajectory. The token traded at $1,657 on the 1-day chart while facing pressure at key support levels of $1,600 and $1,500. Crypto analyst Ali Charts identified $700 as a potential price bottom in his analysis.
Exchange data reveals a structural shift in holder behavior. Ethereum on crypto exchanges fell to 14.5 million as of Wednesday, the lowest level in history. Over the past 2.5 years, 6 million ETH has been pulled off exchanges. In October 2023, exchange balances stood at 21 million ETH, marking the prior low point.
The outflow pattern defies typical market dynamics. During periods of heightened volatility, exchanges usually experience steady inflows as traders seek liquidity. Ethereum exhibited the opposite behavior, signaling sustained accumulation off-exchange.
Leon Waidmann, head of research at Lisk, attributed the pattern to conviction among buyers. “Whoever is buying here isn’t selling back,” Waidmann said.
Historical context underscores the scale of current activity. Daily active addresses peaked at 720,000 in 2018 and reached 800,000 during the 2021 bull market. The current 1.3 million figure nearly doubles the prior cycle peak.
Ethereum’s role as a foundational layer for decentralized banking, tokenization, and blockchain applications supports sustained network demand. The Ethereum Delta Price metric, which reflects the relationship between investors’ cost basis and miner production cost, has historically identified accumulation zones and marked the last two market bottoms for the altcoin.
The divergence between on-chain activity and price creates a technical puzzle. Network growth suggests deepening user adoption and protocol utility, while price weakness signals macro headwinds or profit-taking. The persistence of both metrics simultaneously indicates a market in transition between cycles.
