Ethereum has recorded a significant divergence between the asset's market price and the fundamental metrics of the network. This was highlighted by CryptoQuant expert known as CryptoOnchain.
Bullish Divergence in Ethereum: Active Addresses Hit Record Highs Amid Price Decline
— CryptoQuant.com (@cryptoquant_com) April 27, 2026
“From an on-chain analysis perspective, this glaring divergence implies that Ethereum may currently be undervalued.” – By @CryptoOnchain pic.twitter.com/qm7VQKQuWh
While the price of the second-largest cryptocurrency continues to decline, the number of active addresses on the blockchain is increasing. The 100-day moving average of this metric has reached a historic high of 587,000.
Historically, an increase in the number of active addresses has correlated with a rise in the asset's price. The current situation is a rare exception to this trend.
According to CryptoOnchain, the influx of new users and the demand for the blockchain indicate that Ethereum is undervalued. The real use of the network is accelerating despite the prevailing pessimistic market sentiment.
The analyst considers this a "hidden bullish signal." In the medium term, the asset's price could rebound in line with positive fundamental data.
At the time of writing, Ethereum is trading at $2,320, having lost 0.5% over the past day.
For reference, on April 10, the daily number of transactions on the leading altcoin's blockchain approached 1.3 million.