Ethereum Active Addresses Hit All-Time High as Price Continues to Decline

Record On-Chain Activity Amid Falling Prices

A CryptoQuant analyst known as CryptoOnchain has identified an unprecedented divergence between Ethereum's market price and its on-chain fundamentals. While the second-largest cryptocurrency by market capitalization continues to slide, network usage metrics are painting an entirely different picture.

The 100-day moving average of active addresses on the Ethereum blockchain has reached an all-time high of 587,000. This metric reflects the number of unique wallets engaging with the network on a daily basis — and it keeps climbing even as ETH loses value on the open market.

«Bullish Divergence in Ethereum: Active Addresses Hit Record Highs Amid Price Decline. From an on-chain analysis perspective, this glaring divergence implies that Ethereum may currently be undervalued.» — CryptoQuant.com (@cryptoquant_com), original post

Why This Matters

Historically, increases in the number of active Ethereum addresses have correlated with subsequent price appreciation. The logic is straightforward: growing user engagement signals genuine demand for the blockchain's infrastructure, which eventually gets reflected in market valuation.

The current situation — where on-chain activity surges while the price declines — represents a rare exception to this pattern. According to CryptoOnchain, this gap suggests that Ethereum may be undervalued at current levels. The influx of new users and rising real-world utilization of the network indicate strengthening fundamentals, even as broader market sentiment remains bearish.

The analyst describes this divergence as a "hidden bullish signal" and suggests that ETH's price could realign with its positive fundamental data over the medium term.

Current Market Snapshot

At the time of the original report, Ethereum was trading at $2,320, having lost approximately 0.5% over the preceding 24 hours. This price action reflects ongoing pressure on the altcoin market, despite the encouraging on-chain metrics.

Earlier, on April 10, the daily number of transfers on the Ethereum blockchain approached 1.3 million — another indicator of growing operational demand on the leading altcoin's network.

What the Divergence Means for Investors

A gap between price and network activity is one of the classic on-chain patterns that traders monitor for potential trend reversals. When fundamental metrics improve while the price moves in the opposite direction, it can signal accumulation ahead of a future rally.

That said, a divergence alone does not guarantee an immediate reversal. Market sentiment, macroeconomic conditions, and the overall state of the crypto market all play significant roles in price formation. On-chain data serves as one piece of the broader puzzle, offering insight into real demand for Ethereum's blockchain infrastructure rather than speculative positioning alone.