The Ethereum network recorded historic on-chain activity levels as daily active addresses exceeded 1.3 million and exchange balances dropped to 14.5 million ETH on Wednesday, according to Leon Waidmann, head of research at Lisk. The surge in network engagement occurred despite bearish price pressure, with ETH trading at $1,657 and approaching the $1,500 support level. Waidmann attributed the activity spike to growing demand from users, developers, and institutions across decentralized banking, tokenization, and blockchain-based applications in the cryptocurrency sector.
Ethereum Daily Active Addresses Exceed 1.3 Million
Daily active wallet addresses on the Ethereum network are hovering near the highest range in the network's history. In 2018, active addresses peaked at 720,000, while the 2021 bull market cycle saw addresses top at 800,000. In the current market cycle between 2025 and 2026, addresses have been constantly pushing past 1 million, peaking above 1.3 million.
Waidmann stated that the network is processing more real activity now than it did at the top of the last bull market cycle. The data underscores Ethereum's position as one of the most active and influential networks in the cryptocurrency sector.
ETH Exchange Balance Drops to 14.5 Million Coins
The number of ETH on cryptocurrency exchanges reached approximately 14.5 million ETH on Wednesday, marking its lowest level in history. In October 2023, the ETH exchange balance hit its previous lowest level with 21 million ETH. Over the past 2.5 years, over 6 million ETH have been pulled off crypto exchanges.
Waidmann noted that during periods of heightened volatility, exchanges usually experience steady inflows, but the opposite took place in this instance. "Whoever is buying here isn't selling back," Waidmann stated.
Analyst Identifies $700 as Potential Price Bottom
Ali Charts, a crypto analyst, identified Ethereum's potential price bottom near $700 using the Delta Price metric. The metric reflects the connection between investors' cost basis and miner production cost and has consistently highlighted deep accumulation zones in identifying the last two market bottoms for the altcoin.
Ali Charts highlighted that if history repeats, ETH could experience a retest of the $700 level before the next sustained upward trend occurs.
FAQ
What is the current daily active address count on the Ethereum network?
Daily active addresses on the Ethereum network are hovering near all-time highs, exceeding 1.3 million in the current market cycle between 2025 and 2026, compared to 720,000 in 2018 and 800,000 in 2021.
How much ETH has been withdrawn from exchanges over the past 2.5 years?
Over 6 million ETH have been pulled off cryptocurrency exchanges over the past 2.5 years, with the exchange balance dropping to approximately 14.5 million ETH on Wednesday, the lowest level in history.
What price level does Ali Charts identify as Ethereum's potential bottom?
Ali Charts identified Ethereum's potential price bottom near $700 using the Delta Price metric, which has consistently highlighted deep accumulation zones and identified the last two market bottoms for ETH.
