Ethereum (ETH) dropped 3.5% over the past 24 hours amid geopolitical tensions.
BeInCrypto reported that President Donald Trump’s remarks on Iran triggered broad volatility across crypto, equities, and oil markets. The decline brought ETH to around $2,047.
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However, on-chain data suggests the network’s fundamentals remain strong despite short-term price weakness. According to Santiment, Ethereum’s “network activity remains higher than ever.”
The daily active addresses currently sit near 788,000. The network is also attracting roughly 255,000 new addresses per day, a sign that user onboarding has not slowed during the drawdown.
These numbers reflect sustained engagement across the ecosystem. Meanwhile, the competitive picture is shifting.
Coin Bureau highlighted that Ethereum’s Decentralized Exchange (DEX) market share increased from 33% in January to 42% in March, driven by Layer 2 (L2) networks.
At the same time, DEX volumes on Solana fell to $55.5 billion in March, the lowest since September 2024.
Notably, exchange data also signals optimism. The price dip has not shaken holder conviction. According to Glassnode, ETH held on centralized exchanges has fallen to roughly 11%, down from 32% in June 2020.
The decline in exchange reserves accelerated sharply in early 2026, extending a trend that began in 2022.
“Less ETH on exchanges = less immediate sell pressure. Holders are pulling it off and keeping it. At $2K ETH, people aren’t selling. They’re accumulating,” analyst Leon Waidmann said.
Whether this translates into price recovery depends on broader macro conditions, including the trajectory of the US-Israeli war on Iran and its ripple effects across risk assets.
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