In the context of a slightly weak overall encryption market, Ethereum ( ETH ) has delivered an impressive performance report. The latest on-chain data shows that in the last week of May 2025, the number of weekly active user addresses in the Ethereum ecosystem surpassed 17.4 million, reaching a historical high, which has sparked market speculation about a potential new round of price increases for ETH.

On-chain statistics indicate that the number of active addresses increased by nearly 17% week-on-week, totaling 17,409,932, surpassing the peak reached at the end of 2024 and setting a new historical record for Ethereum. It is noteworthy that the increase in user activity is mainly reflected in single-chain interactions, while cross-chain activity has decreased by approximately 4.33%, indicating that current users are more inclined to operate within a specific ecosystem.

The most striking data is the performance of the second layer network (L2). The user activity of scaling solutions such as Optimism, Arbitrum, and Base is already 7.55 times that of the first layer (L1), with a growth rate of up to 18.43%. Since mid-2023, the overall activity of Ethereum has shown a steady upward trend and now seems to have reached a significant turning point.

这波增长趋势清晰地反映了去中心化应用(dApps)、质押服务、交易活动以及Layer 2汇总需求的显有提升。 多个链上数据分析平台也同步捕捉到了L2生态系统活跃度的异常变化,这可能预示着生态系统即将迎来新的发展机遇。

It is worth considering that although on-chain activity has reached a new high, the ETH price still seems to face certain pressure from a technical perspective. Whether this divergence between on-chain data and price performance indicates that the market is accumulating energy remains to be seen.