Ethereum Usage Nears 2.4M Weekly Users as Key Support Levels Come Into Focus

Ethereum’s weekly active addresses have climbed back near historic highs, signaling renewed onchain engagement across the network. At the same time, multiple analysts point to long-term and monthly chart levels that are now in focus as December progresses.

Ethereum Weekly Active Addresses Near Record Levels

Ethereum’s weekly active user count has climbed back near prior peaks, according to a Token Terminal chart shared on X by analyst Joseph Young. The chart showed about 2.4 million weekly active addresses for Ethereum, which puts activity close to the highest levels seen on the long-term series.

Ethereum Weekly Active Users Chart. Source: Token Terminal, X

Token Terminal defines weekly active users as the number of unique addresses that send at least one transaction during any rolling seven day period. The chart’s line also showed steady growth over time, with recent readings holding above the mid range that followed earlier cycle spikes.

Young linked the rise in active addresses to expanding use cases on Ethereum, including tokenization, stablecoins, and privacy-focused infrastructure. He added that the combination of these categories is driving renewed network engagement, based on the activity trend shown in the chart.

Ethereum Tests Long-Term Trendline, Analyst Notes Repeating Structure

Ethereum is again testing a long-term rising trendline that has guided price action since 2016, according to a weekly chart shared by market analyst Merlijn The Trader. The chart highlights a recurring structure marked by a market bottom, followed by a retest of trend support, and then a broader expansion phase.

Ethereum U.S. Dollar Weekly Price Chart. Source: Kraken / X

The visual history shows several instances where Ethereum pulled back to this rising support band before resuming a larger upward move. Similar retests appeared in earlier cycles, including the period leading into the 2020 market recovery, when price held the trendline before moving higher.

On the current weekly setup, Ethereum is once again hovering near the same support zone, with prior retests labeled along the trend. The analyst said the structure remains consistent with past cycles, noting that previous retests preceded extended bullish phases, while adding that the current move mirrors earlier historical behavior rather than a short-term fluctuation.

Analyst Flags Key Monthly Close Level for Ethereum

Meanwhile, Crypto analyst Ali Charts said Ethereum could face deeper downside if it ends December below a key level, according to an X post published about 16 hours ago alongside a monthly candlestick chart.

Ethereum Monthly Price Chart. Source: Ali Charts, X

Ali Charts pointed to $2,930 as the level to watch on the monthly close. He wrote that a December close below that mark could push Ethereum toward $2,000, and then potentially $1,100, framing the levels as the next major areas on the chart.

The image also marked $4,770 as a higher reference level on the monthly structure, while the candles showed Ethereum pulling back after a sharp run-up and rejection from the upper zone. The post did not cite a catalyst and focused on the chart-based close level and the mapped supports.