Ethereum network grows at record pace despite price slump

Ethereum ($ETH) fell 3.5% in the past 24 hours amid geopolitical tensions.

BeInCrypto reported that President Donald Trump’s comments regarding Iran caused widespread volatility across cryptocurrencies, stocks, and oil markets. brought about by decline $ETH Up to about $2,047.

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However, on-chain data suggests that the network’s fundamentals remain strong despite the short-term price drop. Santiment said Ethereum’s “network activity continues to be higher than ever.”

Currently, daily active addresses are close to 788,000. Additionally, the network is attracting approximately 255,000 new addresses per day, indicating that user onboarding has not slowed down during periods of depletion.

These numbers reflect sustained engagement across the ecosystem. On the other hand, the competitive landscape is changing.

Coin Bureau highlighted that the Layer 2 (L2) network increased Ethereum’s decentralized exchange (DEX) market share from 33% in January to 42% in March.

At the same time, Solana’s DEX trading volume fell to $55.5 billion in March, the lowest level since September 2024.

Notably, currency data also suggests optimism. Holders’ confidence remained strong despite the price drop. According to Glassnode, $ETH The proportion held on centralized exchanges has fallen to around 11% from 32% in June 2020.

The decline in foreign exchange reserves accelerated sharply in early 2026, extending the trend that began in 2022.

“few $ETH On an exchange = less immediate selling pressure. The holder pulls it out and stores it. for $2,000 $ETHpeople can’t sell. They are accumulating,” said analyst Leon Weidman.

Whether this leads to a price recovery will depend on broader macro developments, including the course of the US-Israel war on Iran and the ripple effects on risk assets overall.