Ethereum activity jumps as new user numbers double

Ethereum network activity has surged over the past month as new user participation nearly doubled, according to on-chain analytics firm Glassnode.

Glassnode reported that monthly activity retention climbed from just over four million to around eight million addresses in the past 30 days.

The data indicates a sharp rise in first-time interacting addresses rather than increased usage from existing participants.

Active Ethereum addresses have more than doubled year-on-year, rising from about 410,000 to over one million by mid-January.

Daily transactions on the Ethereum network hit an all-time high of 2.8 million, up 125% compared with the same period last year.

Milk Road said the spike was driven by growing stablecoin usage alongside declining transaction fees.

“That’s the result of Ethereum pushing execution to L2s while keeping settlement secure on L1,”

Milk Road said.

“There’s a lot to be optimistic about when looking at Ethereum,”

Justin d'Anethan said, adding that improving indicators point to stronger prices.

Nick Ruck said Ethereum’s rising activity, staking levels and ETF inflows position ETH for a potential breakout.

Ether prices reached a two-month high near $3,400 before easing slightly in early Friday trading.

At the time of reporting, Ethereum price was $3,305.22