AKS
Key Takeaways
- Ethereum network activity is surging, with daily transactions hitting a record 3.63 million.
- ETH may be undervalued despite stubborn prices.
- CCN analysts said key price levels at $2,162 support and $2,480 will shape near-term direction.
Ethereum is showing a widening disconnect between its price performance and underlying network activity, with some bullish analysts claiming it could be heavily undervalued.
Despite bullish sentiment, Ethereum remains below key resistance levels near $2,300.
But recent data suggests accelerating usage and growing risk appetite among traders, which could suggest a massive jump in network activity in the months ahead.
Record Transaction Growth Challenges: “Ethereum Is Dead” Narrative
Staking provider Everstake claimed that the recurring narrative of “Ethereum is dead” is being debunked with recent network data.
On April 28, Ethereum recorded 3,627,491 daily transactions, the highest level in its history.
Market observers note that, compared with previous cycle peaks, the current level of activity represents a significant step change in adoption.
“Just pause and think about the sheer magnitude of this scale,” Everstake wrote in a post on X.
Based on current momentum, Everstake predicted that Ethereum’s daily transaction count could approach or exceed 6 million by the end of 2026.
This would effectively mark a doubling of current levels and would heavily reinforce its position as the dominant smart contract platform.
Ethereum Price Undervaluation Debate Intensifies
The divergence between Ethereum’s price and its fundamentals has fueled debate over whether the asset is currently undervalued.
BSCN, citing data from CryptoQuant, highlighted that active addresses have reached all-time highs, with the 100-day moving average climbing to approximately 587,000, signaling sustained user engagement.
At the same time, Ethereum continues to maintain a dominant share of key sectors within the crypto ecosystem, including:
- Decentralized finance (DeFi)
- Stablecoin supply, where it holds roughly 52% to 54% market share
Despite these indicators, Ethereum has struggled to break above $2,500 following a sharp correction earlier in 2026, and has since traded largely in the $2,200–$2,300 range.
This gap between fundamentals and price has led some analysts to question whether the market is underpricing Ethereum’s long-term value.
“The fundamentals–price divergence raises the question of whether it’s time to buy or if on-chain signals are currently overrated,” BSCN noted.
Ethereum Price Outlook Contested
While spot market participation has weakened, derivatives trading in Ethereum has surged, according to CCN analyst Abiodun Oladokun.
A report by pseudonymous analyst “Arab Chain” found that perpetual futures volume on Binance reached 4.47 million ETH, compared to just 300,000 ETH in spot trading, resulting in a Perp–Spot Volume Imbalance of 0.89.
“Such an elevated imbalance typically signals increased risk appetite among traders, as more participants rely on leveraged contracts to generate quick profits,” Arab Chain said.
“This behavior is often associated with higher volatility, especially during sudden price movements that may trigger large-scale liquidations.”
Despite bullish signals in derivatives markets, Ethereum’s spot price remains under pressure.
At the time of writing, ETH is trading around $2,257, down almost 3% in the last 24 hours.
Oladokun warned that if bearish momentum persists, the token could test support at $2,162.92.
A break below this level may expose ETH to deeper losses toward the $2,000 psychological threshold. The further downside target sits at $1,754.71.
However, a sustained move above $2,480.61 resistance could potentially trigger a rally toward $2,710.18, he said.
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Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
