Ethereum's on-chain activity has surged to unprecedented levels, setting new records for user engagement even as its price action remains subdued and leverage in derivatives markets builds. Monthly active addresses on the Ethereum network have climbed to a new all-time high of 15.19 million, representing a massive 38% increase over the past month, a 71% jump over six months, and a striking 114% year-over-year rise.
Simultaneously, monthly transactions on the Ethereum mainnet have reached a record of roughly 70.4 million, up 36% over the past month and nearly 90% compared to the same period last year. This explosion in activity reflects steady growth in users, applications, and demand for block space, signaling deeper network adoption.
Despite this fundamental strength, ETH's price continues to lag, trading roughly 60% below its previous all-time high. The price has found temporary footing in the $2,000-$2,200 zone after a recent sell-off, with technical analysts framing this range as a base-building or accumulation phase. The next critical level for a broader trend reversal is viewed as $4,000.
A notable disconnect is emerging in market positioning. Funding rates have swung positively, indicating aggressive long positioning and rising leverage. On BitMEX, the ETH funding rate jumped to 0.049%, the highest level since October. On Binance, funding moved from deeply negative levels around -0.025% in early February back towards neutral, with new Open Interest being powered by longs. This crowded long positioning raises the risk of pullbacks if these leveraged positions are forced to unwind.
On the supply side, Ethereum reserves on Binance have fallen to around 3.7 million ETH, their lowest level since 2024. This gradual drawdown suggests reduced immediate sell pressure as coins move into long-term storage, staking, or DeFi usage.
