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Ethereum’s on-chain activity has reached record levels even as the token’s price remains under pressure, pointing to a potential shift in network fundamentals beneath the surface. At the time of writing, ETH trades around $2,320 after a sharp intraday drop and fails to hold momentum near the $2,400 area.
According to CryptoQuant, Ethereum’s 100-day moving average of active addresses has climbed to roughly 587,000, an all-time high. The measure is designed to reflect sustained growth rather than short-term spikes, indicating consistent user engagement across the network.
Historically, rising active addresses have been closely associated with price appreciation. Higher usage typically increases demand for block space, which can support valuations. In the current cycle, however, the divergence is clear: activity continues to rise while price consolidates or declines.
Technical indicators also suggest indecision. The Relative Strength Index is near neutral levels, while the MACD shows limited momentum. Price action remains range-bound, with support forming near $2,300 and resistance around $2,400.
Ethereum’s upcoming Glamsterdam upgrade, expected in June 2026, is positioned as another catalyst for the network’s longer-term outlook. The update is described as introducing parallel transaction processing and targeting a substantial reduction in gas fees, with estimates pointing to cuts of up to 78%.
The changes are intended to address scalability and cost bottlenecks by reorganizing how transactions are processed and validated. The upgrade is also described as building on earlier improvements by refining both execution and consensus layers, with the goal of supporting higher throughput and data-heavy applications.
If lower fees and faster processing translate into broader usage, it could reinforce the already rising trend in active addresses and overall network activity.
From a market perspective, the current setup suggests Ethereum may be undervalued relative to its on-chain fundamentals. When network activity expands while price stagnates, it can indicate that the market has not fully priced in growth.
The article notes that this type of divergence has historically preceded upward re-pricing phases, though the timing remains uncertain and can be influenced by macro conditions, liquidity flows, and broader crypto sentiment.
For now, Ethereum is characterized by muted price action alongside record-breaking usage—an environment the article frames as a market in transition, where adoption continues to build even as the token consolidates.
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