Ethereum Network Activity Hits All-Time High with 1.3M Transactions

Highlights:

• Ethereum network activity returned to its all-time high as transfers moved above 1.3 million.
• High on-chain usage signals stronger DeFi demand, active Layer 2 growth, and lifts ETH fee burns.
• Binance data shows ETH buyers have regained control in perpetual markets.

Ethereum transfer activity has returned to record territory, with the seven-day average climbing above 1.3 million transactions. CryptoQuant data shows the metric matching the previous high reached in mid-February. The move points to stronger participation across the blockchain at a time when network use keeps rising. 

Ethereum Network Activity Returns to Record High

The recent increase in network activity demonstrates that decentralized finance, token transfers, and scaling platforms continue to experience consistent user demand. Users keep transferring assets through on-chain methods while developers create applications based on Ethereum and its associated networks. The transfer count now reflects actual ecosystem activity because users conduct more than just holding activities.

Network usage also matters because each transaction adds to gas demand across the chain. Ethereum’s fee-burning mechanism receives support from increased gas consumption because it eliminates some ETH from the circulation. This process can tighten supply over time, especially when activity stays elevated for several sessions. Therefore, the recent increase in transfers adds another fundamental factor to watch in the current market cycle.

Ethereum Network Activity Reaches New ATH: A Bullish Fundamental Divergence

“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

— CryptoQuant.com (@cryptoquant_com) April 10, 2026

Despite this notable move, the price action has not mirrored the network’s strong showing yet. Ethereum price continues to trade near $2,100, far below earlier cycle peaks. This gap creates a notable divergence between market valuation and blockchain use. If transaction growth holds and utility remains firm, traders may start to price in those stronger fundamentals during the coming sessions.

The rising network activity coincides with Ethereum’s stablecoin supply hitting a new record at $180 billion on April 8. The figure marked a 150% increase from the $72 billion recorded three years ago, surpassing the previous peak of $166 billion reached in September last year. 

Ethereum Derivatives Turn Positive as Binance Buyer Activity Builds

Ethereum derivatives have started to show firmer demand, even as the wider macro backdrop remains unsettled. On Binance, the ETH Taker Buy Sell Ratio has returned above 1, with a monthly average near 1.016, according to CryptoQuant analyst DarkFrost. 

Ethereum derivatives show early signs of recovery.

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

— Darkfost (@Darkfost_Coc) April 9, 2026

The indicator has held that level for several straight days across major trading sessions, pointing to steady buyer control in perpetual markets. This shift gives traders an early sign that Ethereum sentiment may be turning more constructive for ETH traders.

Binance remains central to that reading because it holds more than 37% of total Ethereum open interest. Therefore, flows on the exchange offer a strong view of broader derivatives positioning. The ratio assesses market buy volume on perpetual contracts by measuring it against market sell volume. When the value remains above 1, buyers dominate the market while selling activities decrease.

Ethereum Tests Key Support After Fresh Selloff

Ethereum has slipped back below $2,200 after failing to hold a local rebound into nearby resistance, according to market expert Ted. On the daily chart, price now sits near the $2,150-$2,200 demand zone, which has become the key short-term level.

$ETH has dropped below the $2,200 level again.

This is due to the ceasefire being violated, which means things could get ugly.

If Ethereum holds the $2,150-$2,200 level here, another rally is expected.

Losing this zone means longs will get wiped out. pic.twitter.com/nQ9YLM0OtB

— Ted (@TedPillows) April 10, 2026

If buyers defend that area, the chart points to a recovery toward $2,400 and then $2,624 in resistance. However, a clean break lower could expose $1,795 next, leaving leveraged longs under fresh pressure.

At the time of this writing, ETH was trading at around $2,195 with a minor surge of 0.10% on the daily chart. Its market cap and trading volume stand at $265 billion and $18 billion, respectively.