Ethereum Sees 121% Spike in Active Addresses in Just Four Days

Highlights:

• Ethereum active addresses jumped 121% in four days, showing stronger network participation.
• Rising address activity suggests users and traders are returning after ETH’s recent pullback.
• Tom Lee said Ethereum may be near a bottom as sentiment improves.

Ethereum recorded a sharp increase in network activity this week, with the number of active addresses rising significantly over a four-day period. According to data shared by market analyst Ali Martinez, citing Santiment, Ethereum’s active addresses climbed from 381,202 on 15 March to 841,404 on 19 March. The move represents a 121% increase and suggests a notable return of user engagement across the blockchain.

Ethereum $ETH active addresses surged 121%, rising from 381,202 to 841,404. pic.twitter.com/JtxB3b8WFK

— Ali Charts (@alicharts) March 21, 2026

Active Addresses Point to Stronger Ethereum Network Use

Active addresses are often used as a key indicator of blockchain health. When more addresses become active, it usually means higher participation. This can include users sending ETH, interacting with smart contracts, or engaging with decentralized finance (DeFi) platforms. In simple terms, it shows that the network is “busy” again.

The latest rise in activity also fits into a broader trend that has been building this year. Recent CryptoQuant data showed that Ethereum’s daily active addresses climbed to nearly 1.1 million in February, reaching their highest level in more than two years. In a QuickTake report published on Friday, analyst CW8900 said this type of increase in on-chain activity is often seen when the market is in an accumulation phase.

Ethereum is trading at $2,155, up 0.78% in the past 24 hours. The price move looks small right now, but ETH had seen stronger gains during the recent rise in network activity. After climbing close to $2,400 on 16 March, Ethereum lost some speed, but it is still holding part of that momentum. The rise in active addresses suggests users and investors are becoming more active again, which may be a sign that ETH is trying to regain strength.

Tom Lee Sees Signs Ethereum May Be Near a Bottom

Tom Lee believes Ethereum may be close to a major turning point. He believes Ethereum is either near its lowest point or has already bottomed. He based this view on analysis from Tom DeMark, which shows a 93% similarity between Ethereum’s current price pattern and the S&P 500’s recovery after major downturns in 1987 and 2011. This suggests a recovery phase could follow soon. 

Lee also said Ethereum’s realised price, which shows the average on-chain purchase cost, stands near $2,241. He added that ETH now trades below that level, much like it did near earlier major market bottoms, and said many analysts view that pattern as a sign of undervaluation.

In addition, Lee pointed out the strength of Ethereum in the long term. In the last ten years, ETH has recorded a return of almost 49,000%. In this regard, ETH is performing better than Bitcoin or even tech stocks, although in recent times, the price of ETH has dropped significantly. Based on this perspective, Bitmine is purchasing ETH aggressively. According to Lee, this is the final stage of a “mini-crypto winter.”

TOM LEE:
THE ETHEREUM BOTTOM IS IN

Bitmine x TOM DEMARK mapped ETH against past S&P 500 crash recoveries.

The structure now closely matches 1987 and 2011, both major cycle bottoms.

93% correlation to 1987
Match to 2011 bottom
Realized price: $2,241
ETH ~22%… pic.twitter.com/62TZscjChe

— BMNR Bullz (@BMNRBullz) March 19, 2026