Ethereum Network Grows at Near Record Speed Despite Weak Prices

Ethereum
ETHUSD
down 3.5% in the last 24 hours amid geopolitical tensions.

BeInCrypto reports that President Donald Trump's statements regarding Iran triggered significant volatility in the crypto markets, stocks, and oil. This decline pushed ETH prices to around US$2,047.

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However, on-chain data shows that the network's fundamentals remain strong despite short-term price weakness. According to Santiment, “Ethereum network activity remains higher than ever before.”

Currently, the number of daily active addresses is around 788,000. The network also attracts about 255,000 new addresses each day, indicating that user adoption continues despite falling prices.

These figures reflect consistent engagement across the ecosystem. On the other hand, competition is also changing.

Coin Bureau highlights that Ethereum’s decentralized exchange market share (DEX) increased from 33% in January to 42% in March, driven by layer-2 networks (L2).

At the same time, DEX volume on Solana dropped to US$55.5 billion in March, the lowest level since September 2024.

Interestingly, exchange data also shows optimistic signals. Price declines have not shaken holder confidence. According to Glassnode, ETH stored on centralized exchanges has decreased to around 11%, from 32% in June 2020.

Exchange reserves have fallen even more sharply in early 2026, continuing a trend that has been ongoing since 2022.

“Less ETH on exchanges = less short-term selling pressure. Holders are withdrawing ETH and holding it. At ETH prices of US$2,000, people are not selling. They are accumulating,” explains analyst Leon Waidmann.

Whether this will lead to a price recovery depends on broader macroeconomic conditions, including the development of the US-Israel war against Iran and its ripple effects on risk assets.