Ethereum Hits 289K Users as Price Stalls Below $2.5K

- ETH price stays near $2460 as it faces resistance from the $2500 mark since early June.
- Daily user count has grown by 46 percent, reaching 289,000, with strong retail interest.
- Developer work dropped to 21.93, making it the lowest since January despite price strength.
Ethereum (ETH) is facing renewed resistance at the $2,500 mark after several weeks of upward momentum. According to market analyst Rekt Capital, ETH is currently struggling to close above $2,516.7, despite previously treating the $2,500 level as support for nearly six weeks. As of June 26, 2025, Ethereum is trading at approximately $2,470.9, remaining locked in a tight channel between $2,200 and $2,500.
This price zone has proven to be very important in the past cycles, having triggered a breakout in early 2024 that pushed ETH toward the $3,900 level before retracement.
Source: X
The 7-day chart shows ETH is at the same horizontal structure it traded within in early 2024. A bounce from the $1,600 demand failed to maintain the momentum as the selling pressure intensified just under the $2,516.7 ceiling. Lower weekly highs and elongated wicks confirm rejection at this resistance band, delaying the reclamation of its bullish momentum.
Until a daily close surpassing $2,500 occurs, Ethereum is expected to meander between the $2,200 and $2,500 levels. A breakdown below $2,196.9 could expose ETH to further downside, possibly retesting the $1,800 demand zone.
On-Chain Reveals Surging Addresses, Dropping Development
Data from Santiment reveals a major spike in Ethereum’s daily active addresses, reaching 289,000, its highest in recent months. Despite this rise in user activity, the price remains range-bound at $2,460. Notably, Ethereum’s development activity has dropped to 21.93, which was its lowest since January 2025.
Source: Santiment
In Q2 of 2025, the token traded between $2,280 and $2,860. The biggest decline was witnessed during the month of March when ETH lost its holdings above $2,800 and depreciated to less than $2,200. The price has in moderation rebelled, but it has not maintained a breakout.
Since early May, daily active addresses have shown a consistent climb. From a previous low of 198,000 in early June, the current figure marks a 46% rise. Despite this surge, development interest has cooled. The divergence between user growth and project development could send a signal to underlying bottlenecks if not addressed.
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Data Shows Strong Volume but Weak Price Follow-Through
Further evaluation of data from CoinMarketCap confirms that the token is priced at $2,457.62, reflecting a 1.29% gain over the past 24 hours. The total market capitalization has reached $296.68 billion, while the 24-hour trading volume stands at $19.38 billion, up 13.45%. The volume-to-market cap ratio has climbed to 6.52%, suggesting significant trade interest.
ETH reached a local high just above $2,500 before reversing later on. The buyer demand was intense at the start of the day, as a rejection point was met at the level of $2,500. The fully diluted valuation takes the form of the market cap, which is at 296.71 billion. At the same time, the circulating supply has been listed as having reached 120.71 million ETH.
Although the cryptocurrency has a 100 percent profile score on CoinMarketCap, the price is held back at one of the key psychological levels. The volume spike did not lead to the consummation of a breakout, as witnessed in the technical analysis. It seems that the price of ETH is stuck at this crucial level until one or another force, technical or fundamental, moves the market.