As the cryptocurrency market faces bearish pressure, Ethereum is finding solace in a remarkable surge of on-chain activity. Despite the prevailing market conditions that have kept ETH’s price fluctuating around critical support levels like $1,500, the Ethereum network has shown an impressive resilience, with its activity reaching historic milestones.
Growing Demand Fuels Ethereum Network Activity
While Ethereum’s price has struggled to maintain stability, the underlying network momentum is anything but stagnant. Reports indicate that Ethereum is experiencing a strong resurgence in network activity, with figures climbing to record highs. This trend is indicative of increasing engagement from users, developers, and institutional participants alike.
Leon Waidmann, a prominent market expert and head of research at Lisk, has highlighted the surge in Ethereum’s blockchain activity, noting that it is currently at all-time high levels. As Ethereum continues to serve as a foundational layer for decentralized finance (DeFi), tokenization, and various blockchain applications, this spike in activity underscores the network’s integral role in the cryptocurrency landscape.
Despite ETH’s price struggles, data indicates that daily active addresses on the network are nearing historic peaks. In 2018, active wallet addresses reached 720,000, while during the 2021 bull market, this number surged to 800,000. Presently, between 2025 and 2026, active addresses have consistently exceeded 1 million, peaking above 1.3 million, indicating that the network is witnessing more meaningful activity now than at the height of the previous bull cycle.
Moreover, interest in Ethereum is escalating, as evidenced by a significant withdrawal of ETH from cryptocurrency exchanges. As of this week, the quantity of ETH held on exchanges has plummeted to approximately 14.5 million, marking the lowest level recorded in history during a market downturn. Comparatively, in October 2023, the exchange balance was at 21 million ETH, indicating that over 6 million ETH has been withdrawn from exchanges in the last 2.5 years. This trend suggests that current buyers are holding onto their assets rather than selling them back into the market.
ETH’s Price Bottom Identified
In a recent analysis, crypto analyst Ali Charts has provided insights into Ethereum’s potential price bottom. By utilizing the Ethereum Delta Price metric, which correlates investors’ cost basis with miners’ production costs, Charts has identified past market bottoms effectively. His analysis indicates that ETH’s price could find a bottom near $700, a level that, if history is any indication, may precede a subsequent upward trend for the altcoin.
This ongoing increase in on-chain activity, combined with a decline in available ETH on exchanges, highlights a complex yet promising landscape for Ethereum. As the network continues to evolve and adapt, stakeholders are keenly watching how these dynamics will play out in the coming months.
