Analysis: Ethereum active addresses drop to the lowest point since May, indicating that network demand and prices are cooling down simultaneously.

Gold Financial reports that CryptoOnchain posted on X platform stating that the activity level of the Ethereum network is cooling down. The 7-day moving average of active addresses has dropped to 327,000, the lowest since May 2025. This data has significantly shrunk from the August peak of 483,000, indicating a clear decline in on-chain engagement. Meanwhile, ETH price has retreated from approximately $4,800 to around $3,100, further confirming the weakening demand trend. The correlation between price and activity suggests that demand for block space is decreasing, and some retail or short-term participants are exiting. In a healthy bull market cycle, price increases are usually accompanied by expanding network usage rather than contraction. Therefore, if the number of active addresses can continue to rebound, it will be a key on-chain signal that demand and momentum are regaining.