Ethereum has experienced a notable increase in network activity, with a record number of active addresses reported by CryptoQuant expert CryptoOnchain. Despite a decline in the cryptocurrency's market price, the 100-day moving average of active addresses has surged to an all-time high of 587,000.
This trend is unusual, as typically, rising active addresses correlate with price increases. However, the current situation suggests that Ethereum may be undervalued, according to CryptoOnchain. The growing number of users and heightened demand for the blockchain indicate robust underlying usage, even amid bearish market sentiment.
The analyst describes this phenomenon as a "hidden bullish signal," implying a potential price rebound in the medium term if the positive fundamentals continue. Presently, Ethereum is trading at $2,320, reflecting a 0.5% decrease in the past day. Notably, on April 10, the blockchain recorded nearly 1.3 million daily transactions, showcasing the ongoing engagement with the platform.
