Ethereum has recently seen a big increase in active wallet addresses, continuing alongside an impressive price recovery and robust developer activity. The numbers point to massive upticks in network activity, which is a clear sign that interest and activity has come roaring back across the Ethereum ecosystem.

On April 20, Ethereum’s highest active wallets count at that time was 306,211. In the days that followed, the number of unique active wallets started to rise continuously — evidence of heightened engagement from users. It took only 48 hours for Ethereum’s active addresses to increase from 306,000 to 336,000. This marks an almost 10% jump in overall active wallets. This has fueled Ethereum’s 14-day moving average of active wallets, which currently sits at 345,913 to reach a new all-time high.

Price Rebound and Market Dynamics

Ethereum’s price rebounded from a low of $1,585.70 on April 20. Ethereum price rebounded to $1,756 on April 22. This is a 24% jump from the local bottom, likely due in part to the more than doubling of active wallets.

Market analysts are keeping tab on these trends. The increase in active wallets and the price rebound may be early indicators of bullish sentiment returning to Ethereum. This underlying relationship between network utilization and direction of price action indicates increasing bullish sentiment from both the investor side and user side.

Development Activity and Ecosystem Growth

Ethereum continues to be the most actively developed blockchain, reflected in the 2,500+ code commits in just the last month. The unprecedented level of developer engagement highlights Ethereum’s position as the clear innovation and infrastructure building hub for the blockchain. Ethereum has the highest number of active developers of any blockchain project. Its strong development activity is a clear indicator of ongoing advances, upgrades, and new projects being developed and built on Ethereum’s infrastructure.

Even other competing blockchain projects such as Solana, Cosmos, NEAR and Sui are gaining momentum. They are still clearly behind Ethereum in terms of the scale and volume of contributions. Solana under 1,000 commits, Cosmos and NEAR between 1,200–1,500 commits. Ethereum’s greater developer activity is indicative of its more mature ecosystem and the robust community backing that it wields.

Ethereum's Dominance in Blockchain Infrastructure

Ethereum’s dominance in the development of blockchain infrastructure will be a major part of Ethereum’s growth and adoption going forward. Developers adore this platform for its flexibility and rich ecosystem tooling. It’s the ideal platform for developing decentralized applications (dApps), decentralized finance (DeFi) protocols, and a host of other cutting-edge blockchain solutions. Ethereum’s ecosystem—including the largest developer community on the planet—generates critical mass and powerful positive network effects. These effects, in combination with its deep and vibrant ecosystem, cement Ethereum’s dominance in the blockchain space.

The continuous upgrades and innovations to the Ethereum network only add to its resilience and scalability. These upgrades are important for addressing the growing demand for blockchain-based applications and services. Ethereum’s dedication to innovation and its flexibility to meet the changing demands of the industry make it a true competitor with long-term potential.