Ethereum has just hit a new all-time high for unique weekly active addresses, reaching over 17.4 million. This surge in on-chain activity is sparking curiosity and raising questions about potential market implications. Ethereum’s recent price fluctuations have been notable, experiencing significant upswings and downswings throughout the week. At press time, ETH is trading around $2,603, displaying a positive 4.74% price increase and a remarkable surge in trading volume of 24.77% within the past 24 hours, according to CoinMarketCap. Growthepie data reveals a significant spike in Ethereum’s unique active addresses on the network. This rise in activity signals increased engagement and interactions throughout the Ethereum ecosystem. Could this be a sign of renewed investor confidence as the network’s utility continues to grow, potentially driving a bullish rally for ETH? 2025 has seen a major shift for crypto investors, with ETH witnessing price fluctuations that have affected the market significantly. This surge in on-chain activity is being attributed to Ethereum’s layer-2 applications and protocols enabling developers to build innovative solutions for Web3 challenges. Ethereum serves as a critical utility token within the ecosystem, facilitating efficient transactions and increasing its value as a result. IntoTheBlock data reveals that nearly $1.12 billion worth of ETH has been moved off exchanges with over $45.56 billion in large ($100k+) transactions. With a significant majority (56%) of ETH holders being whales, and 60% already in profit, the recent high on-chain activity could suggest significant whale accumulation. Following a downturn in Q1, 2025, ETH could be preparing for renewed interest from investors, which may lead to a significant bullish rally in the coming weeks.