Ethereum Sees Spike in Daily Transactions While Price Momentum Gradually Fades

Ethereum network activity is not being influenced or shaped by the current price action of the altcoin, which has been steadily battling with volatility. Even as the price of ETH has fallen sharply from its new peak, user activity on the leading blockchain network is experiencing robust growth, with more operations being carried out on a daily basis.

Rising on-chain activity contrasts with declining price

In a highly uncertain and volatile cryptocurrency environment, the Ethereum network appears to be thriving, experiencing robust interest and engagement. ETH’s current network strength is evident, particularly in the number of transactions processed on the blockchain each day.

Daily transaction counts have increased while price action continues to struggle to regain bullish momentum. According to Everstake, the largest global non-custodial staking infrastructure provider, the Ethereum network recorded over 3.6 million transactions on April 12, 2026—its strongest daily activity since the network’s existence.

Everstake also noted that ETH’s price is still trading about 55% below its all-time high. The increase in on-chain activity suggests consumers are continuing to participate in the network despite the lack of price strength. The provider described this as a divergence, with network activity at peak levels without corresponding price momentum, adding that similar gaps have historically tended to narrow over time.

Everstake further said Ethereum is among its strongest foundations to date, citing record levels of usage, a deeply established ecosystem, and continued progress in scaling and development. The provider characterized the dynamic as one where price typically follows fundamentals, and said those fundamentals are already in place.

Ethereum sees stablecoin supply peak

As the financial sector expands, Ethereum is increasingly positioned as a major settlement layer for on-chain finance activity. Stablecoin supply on the network is rising significantly over the years.

Leon Waidmann, a researcher and optimist, said in an X post that stablecoin supply on Ethereum has reached a new all-time high. The data cited indicates that over $180 billion has been added to the network over the past three years, representing a 150% increase during the period.

Ethereum currently controls about 60% market share in stablecoins. Over the next four years, an additional $1.7 trillion is expected to go on-chain, and ETH could capture a large share of the resulting revenue. Even if Ethereum’s market share declines from 60% to 50%, the network would still secure almost $850 billion in new stablecoin supply by 2030.