Ethereum active addresses hit all-time high as transactions surge
Ethereum’s network activity has reached record levels in early 2026. On-chain data reported by market commentators shows the 7-day moving average of active Ethereum wallet addresses climbed above 811,500, its highest level in history. Daily transactions also surged to new highs, topping roughly 2.2 million per day versus a prior peak of about 1.89 million. Despite rising usage, average on-chain fees remain very low — swaps ~$0.04, NFT sales ~$0.06, borrowing ~$0.03, bridging ~$0.01 — supporting increased throughput and user activity. Analysts cited by the report (including Joseph Young and On-Chain Foundation researcher Leon Waidmann) attribute the gains to renewed user adoption, protocol upgrades improving scalability (notably the Fusaka upgrade), and growing real-world usage even while ETH price momentum lags. Key stats: 7DMA active addresses >811,500; ~2.2M daily transactions; swap fee ~$0.04. For traders, the data signals strengthening network fundamentals — higher on-chain demand and liquidity — that may precede price moves if sustained.
Bullish
Record-high active addresses and rising daily transactions are clear indicators of increasing user engagement and on-chain demand. For traders, higher activity typically improves liquidity, reduces slippage for large orders, and can precede price appreciation if demand sustains. Low transaction fees lower frictions for trading, DeFi usage and NFT activity, supporting continued volume growth. Historically, extended rises in network usage (e.g., prior Ethereum usage surges before 2021 rallies) have often preceded bullish price phases once market sentiment aligns. Short-term effects: increased volatility as traders react to higher on-chain flows and potential catalyst-driven buying. Long-term effects: stronger network fundamentals can support higher valuations and institutional interest if the usage proves persistent. Risks and caveats: on-chain activity alone does not guarantee price rises — macro factors, broader crypto market trend, liquidity from major holders, and regulatory news can offset or reverse moves. Therefore classification is bullish given the data, but contingent on sustained adoption and favorable market conditions.