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Ethereum’s network activity surpassed its own all-time records in April 2026, averaging 1.3 million transactions per day, according to CryptoQuant data. The level of usage exceeded the highs recorded in February, driven largely by ETH transfers, USDT payments, and smart contracts that consume high gas. The surge in on-chain activity is occurring alongside low token prices, creating a divergence between blockchain usage and the valuation of ETH.
Network fees are also at all-time lows. Regular transactions cost less than $0.01, while swaps on decentralized exchanges and lending operations are priced around $0.11. While cheaper transaction costs may contribute to higher traffic, the increase is not fully explained by fees alone. Some activity is attributed to contracts linked to malicious addresses that take advantage of reduced fees to seed addresses across the network, adding noise to metrics that track organic usage.
Despite the transaction volume, Ethereum has remained stable above $2,200, without clear signs of a bullish breakout. Gate data shows the market sentiment index in “extreme fear.” Analysts cited in the article point to on-chain indicators that may suggest ETH is undervalued, but elevated activity has not translated into immediate speculative pressure.
The higher activity level is also helping keep liquidations in DeFi protocols low, which the article frames as supporting broader ecosystem stability.
CoinMarketCap data cited in the article shows Ethereum (ETH) trading at $2,245 per token. ETH is up nearly 10% over the past week and has gained 1.55% in the last 24 hours. Trading volume has increased by 12.5%, reaching more than $18.7 billion.
Staking participation reached a new all-time high, with 31.2% of the total ETH supply locked in the Beacon Chain contract. The article notes that recent inflows into staking include entities such as Bitmine, the Ethereum Foundation, Grayscale, and Gate.
The annualized reward rate is reported at 2.9%, though some staking services offer higher yields through their own structures. The validator queue exceeds 2.9 million ETH waiting to enter, with an average entry time of 51 days. The network remains inflationary, with an annualized issuance rate of 0.83%.
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