Ethereum Network Activity Reaches New Heights

Ethereum has recorded an unprecedented divergence between market price and network indicators.

Ethereum has recorded an unprecedented divergence between the market price of the asset and the network’s fundamental indicators. This was highlighted by CryptoQuant expert known as CryptoOnchain.

Bullish Divergence in Ethereum: Active Addresses Hit Record Highs Amid Price Decline

“From an on-chain analysis perspective, this glaring divergence implies that Ethereum may currently be undervalued.” – By @CryptoOnchain pic.twitter.com/qm7VQKQuWh

— CryptoQuant.com (@cryptoquant_com) April 27, 2026

While the price of the second-largest cryptocurrency by market capitalization is declining, 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 active addresses has correlated with a rise in the asset’s price. The current situation is a rare exception to this pattern.

According to CryptoOnchain, the influx of new users and the blockchain’s demand indicate that Ethereum is undervalued. The actual use of the network is accelerating despite the pessimistic market sentiment.

The analyst considers this a “hidden bullish signal.” In the medium term, the asset’s price may return to growth following positive fundamental data.

At the time of writing, Ethereum is trading at $2,320, having lost 0.5% over the past day.

Earlier in April, the daily number of transactions on the leading altcoin’s blockchain approached 1.3 million.