Analysts predict a turnaround for the cryptocurrency soon.
The daily number of transactions on the leading altcoin's blockchain has approached 1.3 million, yet the ETH price remains stagnant. CryptoQuant analyst known as CryptoOnchain described the divergence as a bullish signal: the fundamentals are growing faster than the market.
Ethereum Network Activity Reaches New ATH: A Bullish Fundamental Divergence
— CryptoQuant.com (@cryptoquant_com) April 10, 2026
“If 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.” – By @CryptoOnchain pic.twitter.com/doE1Lrg0RL
The historical peak for this metric was recorded in February. Currently, the number of operations on the Ethereum network is nearing its ATH, indicating several important on-chain signals:
- A record number of transactions suggests user growth and ecosystem development driven by DeFi, L2 solutions, and applications. This indicates that Ethereum is not just sitting in wallets but is actively used;
- The price lagging behind the metric indicates that the second-largest cryptocurrency is undervalued, creating conditions for a potential upward trend;
- The increase in transaction volume raises gas consumption. The fee-burning mechanism is starting to actively withdraw ETH from circulation, creating sustainable demand.
“If the trend continues, the price is likely to eventually align with these strong metrics,” summarized CryptoOnchain.
At the time of writing, Ethereum is trading around $2200. In the last 24 hours, the asset's price has risen by 1.6%, and by 7.8% over the week.
High on-chain activity has been one of the factors that helped the asset outperform Bitcoin in price dynamics, noted analysts from XWIN Research Japan. In March, Ethereum's quotes increased by 7.12%, while digital gold rose by 1.83%.
Why Ethereum Outperformed Bitcoin
— CryptoQuant.com (@cryptoquant_com) April 10, 2026
“ETH currently benefits from simultaneous capital inflow, supply tightening, and ecosystem growth. This positions Ethereum as a structurally stronger asset in the current phase.” – By @xwinfinance pic.twitter.com/khcggqJZk6
The altcoin has also shown higher volatility (62.8% compared to Bitcoin's 48.9%), confirming its status as a high-beta asset. Despite a strong correlation (around 0.94), Ethereum reacts more aggressively to changes in liquidity and risk appetite.
In this context, investors are increasingly choosing the second-largest cryptocurrency, viewing it as a "leveraged Bitcoin," experts stated.
“The decline in trading volumes indicates liquidity impact, but ETH is supported by capital inflows, supply tightening, and ecosystem growth. This makes Ethereum structurally stronger — once liquidity improves, it may continue to outperform the market,” they concluded.
Ethereum's Undervaluation
Ethereum's undervaluation is also indicated by the Capriole Macro Index Oscillator, which has dropped to -2.42. This zone is historically associated with capitulation and trend reversals.
Source: Capriole Investments.
The indicator tracks investment behavior, positioning in the cycle, and on-chain data. Deeply negative values often signal seller exhaustion.
In June-July 2022, Ethereum hit a bottom around $1000-1200, and the indicator fell to -2.2. In October-November 2023, a value of -1 coincided with a price breakout after a drop to $1500. In April 2025, another negative marked a local bottom around $1500, after which a rally above $4000 began.
The current picture resembles previous capitulation phases. The altcoin has fallen from highs around $4800 to $2100, and the oscillator is near cyclical lows.
A signal for a reversal would be a return of the price to the $2400-2500 range and a movement of the macro indicator back toward zero.
Previously, an analyst under the pseudonym crypto sunmoon also noted that the taker buy-sell ratio for Ethereum has been rising for four to five months. Combined with the current dip, the structure resembles the configuration preceding the April-May 2025 rally.
Additional Positive Signals
Analyst under the pseudonym Darkfost also highlighted the taker buy-sell ratio. According to him, the metric indicates a potential recovery for the second-largest cryptocurrency.
✅Ethereum derivatives show early signs of recovery.
— Darkfost (@Darkfost_Coc) April 9, 2026
Despite a persistently uncertain macro environment, several signals point to a gradual improvement in Ethereum, particularly on the derivatives side.
💥 It has been nearly three years since such a setup was last observed in… pic.twitter.com/r9lyLiTL1W
The indicator on Binance has returned to positive territory for the first time in three years. It has remained above 1 for several consecutive days — currently at 1.016.
According to the expert, this trend reflects a gradual return of buyer dominance in the perpetual contracts segment. This indicates the beginning of an early stage of a more constructive trend.
“This signal is important, considering that Binance accounts for over 37% of the total open interest in ETH. The platform is key for assessing positioning in the derivatives market,” emphasized Darkfost.
Recall that CryptoQuant analysts linked the April rally of Bitcoin and Ethereum to the opening of new long positions in the perpetual futures market.