- Ethereum price jumped 11% from April 20–23, fueled by a 9.5% spike in active addresses, signaling strong network engagement.
- User activity and price surged in tandem, showing organic momentum and suggesting increased on-chain participation across Ethereum.
- Stable volume and steady SMA indicators confirm Ethereum’s rally stems from consistent user behavior rather than market manipulation.
According to CryptoQuant data, Ethereum has recorded bullish momentum due to an awakening of sudden increased activity on the network. Between 20 and 23 April, Ethereum’s price surged nearly 11a% from $1,585.70 to $1,756.98. During this same period, active addresses on the network realized an increase from 306,211 to 335,366, a rise of 9.5%. Such an increase perhaps shows emerging user activity propelling the increasing price trend for Ethereum.
Between April 10 and April 17, Ethereum experienced price fluctuations between $1,530 and $1,650. However, active addresses declined steadily, dropping from around 360,000 to 300,000. This suggested weaker user engagement at the time. Despite this decline, the network began to rebound as active addresses recovered to 320,000 by mid-April.
Strong Correlation Between Price and Network Usage
The rebound intensified from April 20 onward. Ethereum’s price began a rapid ascent, climbing over $170 in just three days. More importantly, this price jump coincided with a clear rise in active addresses. This synchronization underscores a growing connection between user activity and market movement.
Moreover, the data reveals that the price and address metrics moved almost in parallel. The user activity increased in tandem with the price. The white line, representing price, rose alongside the blue line, which tracked active addresses. This dual movement may signal more than just speculation—it reflects increased on-chain engagement.
Indicators Show Steady Momentum
Additionally, the SMA(14), shown as a yellow line, remained relatively steady throughout this period. Meanwhile, on April 22, the SMA(7) indicator showed a value of 322,385. This reinforces the idea of consistent short-term activity hinting at organic growth rather than sudden market hype.
Besides, volume bars at the bottom stayed even, indicating no abnormal trading spikes. Hence, the rally does not appear to stem from a single whale or sudden market manipulation. From a broader perspective, historical activity trends from 2016 to 2025 give further context. The current surge fits into Ethereum’s larger growth cycle. Consequently, the recent uptrend may reflect deeper shifts in user behavior.
