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Record Ethereum activity signals strong network engagement, but the price is yet to catch up.
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Ethereum (ETH) has entered Q2 2026 with a steep 55% drop from its August 2025 high above $4,900, as macro-driven pressures weigh on the price.
New data suggests that the unprecedented surge in the Total Transfer Count metric highlights that on-chain activity has reached peak levels.
Ethereum Usage Peaks
Ethereum’s on-chain activity has returned to record levels, as the 7-day simple moving average of Total Transfer Count climbed back above 1.3 million, matching its previous peak seen in mid-February, according to CryptoQuant.
The rise in transfer activity points to steady network usage, which means continued participation across decentralized finance (DeFi) applications, Layer 2 ecosystems, and other smart contract operations. This trend indicates that the Ethereum network is being actively used rather than simply held as a speculative asset.
At the same time, ETH’s price has remained relatively subdued as it continues to consolidate near the $2,100 level and is still trading well below its historical highs. This divergence between rising network activity and muted price action suggests that the network’s underlying utility is expanding faster than its market valuation.
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To top that, the increase in transaction volume contributes to higher gas consumption, which in turn accelerates ETH burning under Ethereum’s fee-burning mechanism. Such a process gradually reduces the circulating supply and can contribute to long-term pressure on the asset’s availability. The data essentially reveals a period where network usage is strong despite relatively restrained price performance.
If high levels of activity continue, CryptoQuant stated that the chances of ETH’s price eventually catching up with these robust on-chain fundamentals in the mid-term remain highly favorable.
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Target Points For ETH
According to an earlier analysis by Ali Martinez, Ethereum’s next rally may depend on reclaiming the $2,500 level, which he identifies as a major trigger for a new bullish phase. He flagged subtle signs of accumulation, especially as the $1,800 level continues to hold as support. This area also aligns with the 0.80 MVRV band near $1,880, a zone linked to market stress and potential bottoms where investors begin accumulating.
However, if the current structure flips, the crypto asset risks further downside, during which $1,550 and $1,070 will act as potential lower targets.
On a macro level, the violation of the ceasefire has added uncertainty to the market. As such, analyst Ted Pillows stated that the $2,150-$2,200 range is now a crucial support zone to watch. If ETH manages to hold this level, it could pave the way for another upward move. Losing this range may open the door to more declines.
