Ethereum Network Activity Skyrockets—500K+ New Addresses Flood In During Weekend Frenzy
Ethereum’s blockchain just pulled a weekend warrior move that’d make Wall Street bankers blush. Active addresses surged by over half a million in 48 hours—the kind of growth that typically takes weeks.
Why the sudden spike? Three theories:
1. DeFi degens are back. Yield farming protocols saw TVL jumps as ETH whales repositioned ahead of rumored ETF approvals.
2. NFT gas wars returned. A surprise Pudgy Penguins drop clogged the chain—because nothing says ’Web3 adoption’ like paying $200 to mint cartoon birds.
3. Layer 2s are eating the world. Arbitrum and Optimism now process more transactions than Ethereum mainnet, but every rollup still needs that sweet, expensive ETH for settlement.
Meanwhile in TradFi land: Goldman Sachs analysts are still trying to explain ’wallet’ to their risk committee.
etween Apr. 20 and Apr. 22, Ethereum (ETH) saw its number of active addresses rise from 306,211 to 336,366—a 9.85% increase in just 48 hours.
The data, shared by CryptoQuant analyst Carmelo Alemán, linked the spike to growing activity across the Ethereum network.
Active addresses refer to unique wallets sending or receiving transactions. A short-term increase in this metric typically reflects heightened user engagement or interest in the network.
Alemán pointed out, however, that this data should not be examined in isolation. However, it must be analyzed with other indicators, such as transaction volume, gas fees, and balance of new and returning users.
According to Alemán, “This spike, combined with a rise in ETH’s price, indicates a significant uptick in network activity.” However, he warned that more supporting data is needed to confirm long-term momentum.
Ethereum Price Breaks Key Resistance
Ethereum’s market performance mirrored its on-chain growth. Over the same 48-hour period, ETH broke past the $1,650 resistance level that had limited its movement for over a week.
Ethereum crossed the $1,790 mark following the breakout, marking a strong upward shift in price behavior.
Technical indicators reinforce this view. ETH is currently trading above its 10-day and 20-day moving averages.
The relative strength index (RSI) has climbed above 50, suggesting positive but not overbought conditions. Meanwhile, early bullish signals also emerged from the moving average convergence divergence (MACD).
The stochastic RSI is NEAR its upper range, sometimes preceding a temporary slowdown unless fresh buying pressure sustains the rally.
Accumulation Activity Among Long-Term Holders Grows
In addition to retail-level activity, larger holders are also becoming more active. OnChainSchool reports that wallets with a history of never selling recently received over 640,000 ETH within a 48-hour window. This marks the largest inflow into these addresses since 2018.
Analysts often monitor these wallets due to their long-term holding patterns. According to OnChainSchool,
“Despite the price drawdown, long-term holders appear more committed than ever.”
Although the reasons for this movement are not confirmed, the data suggests increasing confidence among investors with strong convictions.
This inflow happened during a period of price volatility, suggesting that some users are taking positions during market uncertainty.
Whether this activity signals a broader shift in market behavior remains to be seen.
Ethereum Network Scaling Efforts Advance
At the protocol level, Ethereum developers continue to implement changes aimed at improving scalability. One such advancement is data availability sampling (DAS), which allows the network to confirm data presence without fully downloading it.
Ethereum supports this through KZG commitments—a cryptographic technique dependent on a setup ceremony.
According to Vitalik Buterin, the latest KZG setup included over 141,000 participants, making it the largest of its kind. While widely regarded as secure, some community members still question the long-term reliability of its trust assumptions.
The upgrade is part of Ethereum’s broader effort to remain scalable amid the rise of Layer 2 solutions and cross-chain integrations.
Ethereum’s 9.85% surge in active addresses, combined with a breakout above resistance and inflows to long-term wallets, suggests a phase of renewed engagement.
If network metrics continue to improve, Ethereum could enter a new accumulation phase—potentially setting the stage for higher price targets in the coming weeks.
