Ethereum, the second-largest cryptocurrency by market capitalization, is down 0.8% during Tuesday’s U.S. market hours to trade at $2,090. The pullback aligns with market-wide correction as conflict between U.S. and Iran erupted again, creating panic among investors. Amid the market uncertainty, retailers held their hopes high as Ethereum recorded notable spikes in network activity. However, market analysts distinguish this activity rise as capacity-driven rather than demand-driven. Is Ethereum price heading for a $2,000 floor?
On-chain data of Ethereum shows that there is a significant discrepancy between the price performance of Ethereum and network usage. The moving average of active addresses (30 days) is now higher than the peaks in the last bull market. This increase stems primarily from the Fusaka upgrade rolled out in December 2025, which boosted overall network throughput, cut transaction fees, and lowered operational barriers for users.
This dynamic is evident in historic trends on the chart. The number of active addresses increased in April 2025 with the increase in price of Ethereum. Nonetheless, as the token approached its all-time high (November 2021), the activity metric failed to generate a new high. In November 2025, address activity rose again with prices remaining in a fairly tight range of about 2,700 to 3,300. The measure of activity eventually peaked in advance of a steep decline in price of approximately 45%.
According to recent readings, the soothed active address count is approaching the 1 million range with the price line indicating an upward trend to early 2026. The data shows how efficiency gains in blockchain can lead to increased recorded activity without the new capital inflows or the expansion of users. This development is still ongoing, with Ethereum handling additional transactions within its increased capacity.
Since early February, the Ethereum price has been oscillating between two horizontal levels of $2,375 and $1,810. The consolidation tested both levels at least twice, indicating a weak connection from the buyer or seller to complete a breakout.
A deeper analysis of the technical chart shows that two converging trendlines in the daily timeframe are narrowing this consolidation into a peak around a $2,000 two thousand psychological level. While the lateral trend prolongs amid geopolitical tension in the Middle East, the Ethereum price would eventually breach either trendline in the near term.
Thus, as per our ETH price prediction, a breakout from the overhead trendline would drive the price of ETH above the range ceiling of $2,375, and bolster a record towards the $2,500 mark.
On the contrary, a breakdown below the bottom trendline would intensify the selling pressure and drive an extended correction to $1,800 and $1,400.
