Will Ethereum’s Record 17M Weekly Users Push ETH to a New All-Time High?

In the final week of May 2025, Ethereum’s network saw its weekly user engagement reach a new all-time high, according to data from Growthepie.

The data shows a record spike in the number of unique wallet addresses interacting with one or more chains within the Ethereum ecosystem.

Weekly Active Addresses Top 17.4 Million; Layer 2 Networks Lead Growth

During the last week of May 2025, the number of unique active addresses hit 17,409,932; a solid 16.95% increase compared to the previous week. The surge pushed Ethereum’s engagement level well above earlier peaks seen in late 2024 and early 2025.

But while total engagement was up, multichain activity actually saw a 4.33% decline. The number of addresses interacting with multiple chains dropped to 590,403. This suggests that most of the engagement increase came from users interacting with a single chain rather than multiple layers.

Layer 2 Networks Lead the Charge

The data also shows Layer 2 (L2) dominance climbed by 18.43% in the same week, reaching a ratio of 7.55 times Layer 1 activity. This indicates strong momentum in Layer 2 Ethereum scaling solutions such as Optimism, Arbitrum, and Base.

From early 2022 through May 2025, the chart shows steady growth in user engagement. While the Ethereum ecosystem had periods of plateau and decline in 2022 and early 2023, activity began rising steadily from mid-2023. Engagement accelerated sharply starting in early 2024 and culminated in the May 2025 high.

This data reflects growing demand for decentralized applications (dApps), staking, token swaps, and Layer 2 rollups across the Ethereum network.

ETH Price Faces Pressure, Slips Below Key EMA Support

On June 5, 2025, the Ethereum to U.S. Dollar (ETH/USD) pair showed weakness on the 4-hour chart. The price dropped by 1.04 percent to $2,563.4 after opening at $2,590.8. Ethereum tested a low of $2,558.5 during the session. The 50-period Exponential Moving Average (EMA), positioned at $2,587.8, now acts as resistance.

Ethereum / U.S. Dollar – 4-Hour Chart. Source: TradingView.com

Price action remains below this EMA, suggesting that short-term sentiment has shifted bearish. Previous support from the moving average no longer holds, and the price trades under it for the first time since May 28.

Below the chart, the Directional Movement Index (DMI) highlights weakening bullish momentum. The positive directional index (blue) stands at 17.95, while the negative directional index (red) reads 15.10. Both lines hover near the average directional index (orange), which sits at 17.05. This configuration signals trend indecision, but it leans slightly bullish as long as the blue line stays above red.

Trading volume reached 184 Ether in this 4-hour window. However, the volume spike at the session close did not produce a strong recovery. This confirms buyer hesitation near current levels.

User Growth Alone Does Not Guarantee ETH Price Highs

Despite the surge in engagement, ETH price remains far below its all-time high of $4,878 recorded in November 2021. While increased activity often reflects rising demand, there is no direct correlation between user growth and immediate price surges.

Related: Ethereum Foundation Sets 2.5-Year Treasury Buffer Policy as Consensys Acquires $320M ETH

As of now, Ethereum must first break above $2,588 and reclaim previous support levels to shift trend direction. Without strong buying momentum, price alone does not confirm a move toward a new high.

The increase in active addresses signals strong fundamentals and long-term interest, but technical resistance zones remain intact. Until ETH crosses these barriers with volume support, the recent user growth remains a network metric—not a price driver.