Ethereum weekly active users approach 2.4 million, key support levels become clearer

The number of weekly active addresses on Ethereum has rebounded to near historical highs, indicating that on-chain participation across the network is recovering. Meanwhile, as December progresses, several analysts have pointed out that levels on long-term and monthly charts will become the focus of attention.

Ethereum Weekly Active Addresses Near All-Time Highs

According to a Token Terminal chart shared by analyst Joseph Young on X, Ethereum’s weekly active user count has rebounded to levels close to previous peaks. The chart shows that Ethereum’s weekly active addresses are around 2.4 million, a level of activity close to the highest in the long-term trend.

Ethereum weekly active user chart. Data source: Token Terminal, X

Token Terminal defines weekly active users as the number of unique addresses that have sent at least one transaction within a consecutive seven-day period. The chart shows that this metric has steadily increased over time, with recent readings remaining above the median following early cycle peaks.

Young attributes the growth in active addresses to the expansion of Ethereum’s use cases, including tokenization, stablecoins, and privacy-focused infrastructure. He added that, according to the active trend shown in the chart, the combination of these factors is driving increased network participation.

Ethereum Tests Long-Term Trendline, Analysts Note Repeating Structure

Ethereum According to a weekly chart shared by market analyst Merlijn The Trader, the market is once again testing the long-term upward trendline that has guided price action since 2016. The chart highlights a recurring structure: the market bottoms out, then retests trend support, and subsequently enters a broader expansion phase.

Ethereum/USD weekly price chart. Source: Kraken/X

Historical data shows that Ethereum’s price has repeatedly fallen back to this rising support zone before resuming larger upward rallies. Similar pullbacks also appeared in previous cycles, including the period before the 2020 market recovery, when the price held the trendline before rising.

According to the current weekly setup, Ethereum is once again hovering near the same support area, with previous retests already marked on the trendline. The analyst stated that this structure is consistent with past cycles, noting that previous retests all signaled sustained upward phases, and added that the current movement reflects early historical behavior rather than short-term volatility.

Analysts Highlight Key Monthly Closing Levels for Ethereum

Meanwhile, crypto analyst Ali Charts stated that if Ethereum falls below a key level at the end of December, it could face a larger decline. The message was posted about 16 hours ago on the X forum, accompanied by a monthly candlestick chart.

Ethereum monthly price trend chart. Source: Ali Charts, X

Ali Charts pointed out that $2,930 is the price level to watch for the monthly close. He wrote that if the December closing price is below this level, Ethereum could fall to $2,000 or even $1,100, identifying these prices as the next important areas on the chart.

The chart also marks $4,770 as a higher reference level on the monthly structure, while the candlestick chart shows Ethereum pulling back from the upper band area after a significant rally. The article did not mention catalysts, instead focusing on chart-based closing prices and marked support levels.