{"id":96091,"date":"2026-04-10T18:16:03","date_gmt":"2026-04-10T15:16:03","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=96091"},"modified":"2026-04-10T18:20:48","modified_gmt":"2026-04-10T15:20:48","slug":"ethereum-network-activity-nears-record-as-price-consolidates","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/ethereum-network-activity-nears-record-as-price-consolidates\/","title":{"rendered":"Ethereum network activity nears record as price consolidates"},"content":{"rendered":"<p>The daily number of transfers on the leading altcoin\u2019s blockchain has approached 1.3 million, yet ETH\u2019s price remains range-bound. A CryptoQuant analyst using the pseudonym CryptoOnchain called the divergence a bullish signal: fundamentals are growing faster than the market.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Ethereum Network Activity Reaches New ATH: A Bullish Fundamental Divergence<\/p>\n<p>\u201cIf this strong utility trend persists, the probability of the price eventually catching up with these robust on-chain fundamentals in the mid-term remains highly favorable.\u201d \u2013 By <a href=\"https:\/\/twitter.com\/CryptoOnchain?ref_src=twsrc%5Etfw\">@CryptoOnchain<\/a> <a href=\"https:\/\/t.co\/doE1Lrg0RL\">pic.twitter.com\/doE1Lrg0RL<\/a><\/p>\n<p>\u2014 CryptoQuant.com (@cryptoquant_com) <a href=\"https:\/\/twitter.com\/cryptoquant_com\/status\/2042510561661833399?ref_src=twsrc%5Etfw\">April 10, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The all-time high for the metric was set in February. Now, Ethereum\u2019s transaction count has almost returned to that level, pointing to several notable on-chain signals:<\/p>\n<ul class=\"wp-block-list\">\n<li>a record in transfers signals user growth and ecosystem development driven by <a href=\"https:\/\/forklog.com\/en\/news\/what-is-decentralised-finance-defi\">DeFi<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-layer%e2%80%912-solution-in-blockchain\">L2<\/a> solutions and applications. It suggests ETH is being used rather than left idle in wallets;<\/li>\n<li>the lag of price behind the metric implies the second-largest cryptocurrency is undervalued and lays the groundwork for an uptrend;<\/li>\n<li>rising transfer counts increase gas consumption. The fee-burn mechanism removes more ETH from circulation, supporting steady demand.<\/li>\n<\/ul>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cIf the trend persists, the price will likely, over time, catch up with the strong metrics,\u201d summarised CryptoOnchain.<\/em><\/p>\n<\/blockquote>\n<p>At the time of writing, Ethereum trades around $2,200. The asset is up 1.6% over the past day and 7.8% over the week.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-95b24fa148dc8891-1435280547530836.webp\" alt=\"image\" class=\"wp-image-278300\"\/><figcaption class=\"wp-element-caption\">Hourly ETH\/USDT chart on Binance. Source: <a href=\"https:\/\/ru.tradingview.com\/chart\/?symbol=BINANCE%3AETHUSDT\">TradingView<\/a>.\u00a0<\/figcaption><\/figure>\n<p>High on-chain activity was one factor that helped the asset outpace bitcoin, noted analysts at XWIN Research Japan. In March, Ethereum rose 7.12%, versus 1.83% for the digital gold.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Why Ethereum Outperformed Bitcoin<\/p>\n<p>\u201cETH currently benefits from simultaneous capital inflow, supply tightening, and ecosystem growth. This positions Ethereum as a structurally stronger asset in the current phase.\u201d \u2013 By <a href=\"https:\/\/twitter.com\/xwinfinance?ref_src=twsrc%5Etfw\">@xwinfinance<\/a> <a href=\"https:\/\/t.co\/khcggqJZk6\">pic.twitter.com\/khcggqJZk6<\/a><\/p>\n<p>\u2014 CryptoQuant.com (@cryptoquant_com) <a href=\"https:\/\/twitter.com\/cryptoquant_com\/status\/2042586611087532329?ref_src=twsrc%5Etfw\">April 10, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The altcoin also posted higher volatility (62.8% versus 48.9% for bitcoin), confirming its high-beta status. Despite strong correlation (around 0.94), Ethereum reacts more aggressively to changes in liquidity and risk appetite.<\/p>\n<p>Against this backdrop, investors more often choose the second-largest cryptocurrency, viewing it as \u201cbitcoin with leverage\u201d, the experts said.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cThe decline in trading volumes points to the influence of liquidity, but ETH is supported by capital inflows, supply tightening and ecosystem growth. That makes Ethereum structurally stronger \u2014 once liquidity improves, it may continue to outperform,\u201d they concluded.<\/em><\/p>\n<\/blockquote>\n<h2 class=\"wp-block-heading\">Ethereum undervaluation<\/h2>\n<p>Undervaluation is also indicated by the Capriole Macro Index Oscillator, which has fallen to -2.42. Historically, this zone is associated with capitulation and trend reversals.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-cffd2278c1f25f8e-1435313159784621.webp\" alt=\"image\" class=\"wp-image-278301\"\/><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/capriole.com\/charts\/?chart=macro-index-eth\">Capriole Investments<\/a>.\u00a0<\/figcaption><\/figure>\n<p>The indicator tracks investment behaviour, cycle positioning and on-chain data. Deeply negative readings often signal seller exhaustion.<\/p>\n<p>In June\u2013July 2022, Ethereum bottomed around $1,000\u20131,200 as the indicator fell to -2.2. In October\u2013November 2023, a -1 reading coincided with a breakout after a drop to $1,500. In April 2025, another negative reading marked a local low near $1,500, followed by a rally above $4,000.<\/p>\n<p>The current picture resembles previous capitulation phases. The altcoin has fallen from highs near $4,800 to $2,100, with the oscillator close to cyclical lows.<\/p>\n<p>A reversal signal would be a return of price to the $2,400\u20132,500 range and the macro indicator moving back toward zero.<\/p>\n<p>Earlier, an analyst known as crypto sunmoon also <a href=\"https:\/\/cryptoquant.com\/insights\/quicktake\/69d66209aad6b62b015d9471-Ethereum-Taker-Buy-Ratio-Continues-to-Rise\">noted<\/a> that the <span data-descr=\"Taker Buy Sell Ratio \u2014 the ratio of market buy and sell volumes in perpetual futures. Above 1 \u2014 buyer dominance, a bullish signal. Below 1 \u2014 seller dominance, a bearish signal.\" class=\"old_tooltip\">taker buy-sell ratio<\/span> for Ethereum has been rising for four to five months. Combined with the current drawdown, the structure mirrors the set-up preceding the April\u2013May 2025 rally.<\/p>\n<h2 class=\"wp-block-heading\">Another positive signal<\/h2>\n<p>An analyst going by Darkfost also flagged the taker buy-sell ratio. According to him, the metric points to a potential recovery in the second-largest cryptocurrency.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">\u2705Ethereum derivatives show early signs of recovery.<\/p>\n<p>Despite a persistently uncertain macro environment, several signals point to a gradual improvement in Ethereum, particularly on the derivatives side.<\/p>\n<p>\ud83d\udca5 It has been nearly three years since such a setup was last observed in\u2026 <a href=\"https:\/\/t.co\/r9lyLiTL1W\">pic.twitter.com\/r9lyLiTL1W<\/a><\/p>\n<p>\u2014 Darkfost (@Darkfost_Coc) <a href=\"https:\/\/twitter.com\/Darkfost_Coc\/status\/2042341285541945677?ref_src=twsrc%5Etfw\">April 9, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On Binance, the metric has turned positive for the first time in three years. It has stayed above 1 for several days \u2014 at 1.016.<\/p>\n<p>According to the expert, the dynamics reflect a gradual return of buyer dominance in the perpetuals segment. This points to the early stage of a more constructive trend.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cThe signal matters given that Binance accounts for more than 37% of total open interest in ETH. The venue is key for assessing positioning in the derivatives market,\u201d stressed Darkfost.<\/em><\/p>\n<\/blockquote>\n<p>Earlier, CryptoQuant analysts <a href=\"https:\/\/forklog.com\/en\/news\/cryptoquant-bitcoin-rally-driven-by-new-long-positions-in-perpetual-futures-market\">linked<\/a> April\u2019s rally in bitcoin and Ethereum to the opening of new long positions in the perpetual futures market.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Daily transfers on Ethereum neared 1.3m while ETH trades sideways. A CryptoQuant analyst called the divergence bullish.<\/p>\n","protected":false},"author":1,"featured_media":26216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Analysts predict a swift reversal for the cryptocurrency","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1205,46,1268],"class_list":["post-96091","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-cryptoquant","tag-ethereum","tag-on-chain-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"28","promo_type":"1","layout_type":"1","short_excerpt":"Analysts predict a swift reversal for the cryptocurrency","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/96091","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=96091"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/96091\/revisions"}],"predecessor-version":[{"id":96092,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/96091\/revisions\/96092"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/26216"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=96091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=96091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=96091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}