“This shows that ETH is not only held as an asset, but actively used,” says the analyst.
From this perspective, the ETH cryptocurrency could currently be undervalued.
Ethereum records a divergence between its operating performance and the market price of its native cryptocurrency, ether (ETH). While user activity reaches near-record highs, the asset price does not reflect this growth, remaining in a phase of technical consolidation.
The seven-day simple moving average (SMA-7) of the total network transfer count reached the 1.32 million mark today, April 10, as seen in the chart.
This trading volume places the network close to its historical maximum of 1.37 million registered on February 12which confirms a massive reactivation of the ecosystem.
“Peaking transfers reflects a highly robust network, increasing user adoption, and a dynamic ecosystem,” the specialist explained which is identified as CryptoOnchain on the CryptoQuant analysis platform. According to his vision, this boost comes from decentralized finance (DeFi) and Layer 2 scaling solutions, which are secondary networks that process transactions more efficiently.
The trader stressed that the current technical strength validates the real usefulness of the platform. «This shows that Ethereum is not only held as a reserve asset; “It is being actively used,” stated CryptoOnchain, highlighting that the fact that ETH is constantly used to interact with the network validates the strength of the ecosystem.
Despite these indicators, the price of ether is currently consolidating around $2,100. This figure represents a difference of 57.14% below its historical maximum of $4,900, reached in August 2025, as reported by CriptoNoticias. This gap puts the focus on the current valuation of the asset versus its technical performance.
“The intrinsic value and real-world utility of the network are expanding at a faster rate than its market valuation,” the analyst noted. This situation suggests that the market is simply slow to react to the activity metric, which indicates that the ecosystem is healthier than ever.
A key factor in this process is the consumption of “gas”, which is the commission paid for operating on the network. “The greater transfer volumes naturally translate into an increase in gas consumption,” said the trader. Under the network mechanism, this accelerates the burning of ETH, removing coins from circulation.
This burn creates indirect and continuous long-term buying pressure. “The increase in the total transfer count metric confirms that real and organic demand for the Ethereum network is at its peak,” the specialist added, linking technical use with the economic potential of the asset.
In this perspective, the data suggests that ETH could be currently undervalued. If the strong utility trend persists, the probability that the price ends up reaching these solid fundamentals to align the market value with reality of its use remains very favorable.