On-chain data shows that the active addresses indicator has soared for Ethereum, even as the cryptocurrency’s price has seen a decline.
Ethereum network activity has increased recently
In a new article on X, CryptoQuant community analyst Maartunn talked about the latest trend in the 100-day moving average (MA) of active Ethereum addresses. This metric measures the total number of wallets uploaded to the blockchain each day. An address is said to be “live” when it is participating in some sort of transaction activity (either as a sender or recipient), so active addresses essentially track the daily number of wallets making at least one transfer.
When the value of the indicator increases, it means that more users are involved in network activity. Such a trend suggests that commercial interest in cryptocurrency is increasing. On the other hand, the falling metric implies that attention could be shifting away from blockchain as fewer addresses are transacting.
Now here is the chart shared by Maartunn that shows the 100-day MA trend of active Ethereum addresses over the last decade:
The value of the metric appears to have been going up in recent days | Source: @JA_Maartun on X
As seen in the chart above, MA Ethereum 100-day active addresses saw a decline in the last quarter of 2025 as the price of the cryptocurrency saw a bearish change. Investor enthusiasm tends to fade as bullish momentum disappears, which could explain the decrease in network activity.
However, it is also visible in the chart that since bottoming out, the trend has observed a sharp reversal in 2026. The surge in activity initially appeared as the market rallied, but continued even as the rally petered out and ETH crashed alongside the sector as a whole.
Naturally, since this is a 100-day MA, some delay is associated with its value, so a drop in activity may well be reflected later, but nevertheless it is worth noting that a sharp reversal of active addresses has even occurred so far. Currently, the indicator’s 100-day MA stands at 469,303, which is significantly higher than last year’s cycle high and almost the same level as the all-time high (ATH) set back during the 2021 bull market.
Over the past two cycles, the indicator’s cyclical peak has followed a major price top, but this does not appear to be the case for the current cycle so far. It now remains to be seen whether the recent trend is a sign of a decoupling of transaction activity and price action or whether it is a temporary discrepancy.
ETH Price
At the time of writing, Ethereum is floating 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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