Ethereum network activity has surged to unprecedented levels, with monthly active addresses reaching a record 15.19 million. This marks a 114% increase year-over-year. Concurrently, derivatives markets on exchanges like BitMEX show aggressive bullish positioning, with funding rates hitting their highest level since October. Despite this optimistic on-chain and derivatives activity, Ethereum’s price remains range-bound between $2,000 and $2,200, indicating a cautious market awaiting a decisive breakout.
Monthly active addresses on the Ethereum network climbed to 15.19 million, setting a new all-time high. Activity surged 38% over the past month, 71% across six months, and 114% year-over-year.
More users are interacting with the network again through transfers, applications, or smart contracts. The recovery’s pace has been striking after a tame stretch late last year.
Funding rates have swung positively on some exchanges, most notably BitMEX. Its ETH funding rate jumped to 0.049%, the highest since October.
There’s been aggressive long positioning and rising leverage across the board. On Binance, funding moved from deeply negative levels back toward neutral as shorts backed off.
So far, such positive funding hasn’t caused significant price upside. However, it raises the risk of pullbacks if crowded long positions are forced to unwind.
After a recent sell-off, ETH has found temporary footing around the $2,000-$2,200 zone. This range-bound move indicates selling pressure has eased.
The RSI lifted to the low 30s, signaling short-term relief, while volume calmed after a recent spike. With leverage building and the price still fragile, the next move may depend on spot demand.
