Ethereum Network Activity Hits New ATH

Although Ethereum has continued to trade sideways amid the broader crypto market downturn, its network is flashing positive signals instead, showing increased strength and usage.

On Friday, April 10, data from crypto analytics platform CryptoQuant shows that network activity on Ethereum has surged to a new all-time high, signaling growing network usage despite price instability.

Ethereum’s total transfer count surpasses 1.3 million

Notably, the source provided a chart revealing that Ethereum’s seven-day Simple Moving Average for total transfer count has surpassed 1.3 million transactions as of April 10.

Source: CryptoQuant

This rapid increase has seen the metric cross its previous peak recorded in mid-February. Apart from marking a major milestone in the Ethereum ecosystem, the surge highlights renewed optimism and increased usage across the network.

It is important to note that the surge in transfer activity also reflects growing demand and increased participation on the ETF market, decentralized finance, layer-2 scaling solutions and smart contract applications.

Ethereum set to recover

While Ethereum has continued to face mixed sentiment from investors, the surge in its network activity suggests that Ethereum is not just being held. Rather, it is being actively used, considering its wide array of utilities — even across the DeFi ecosystem. 

Nonetheless, its price performance over the past day suggests that the new milestone may precede a major price recovery for Ethereum.

CoinMarketCap data shows that Ethereum is trading at $2,216 as of writing time, marking a decent increase of 1.63% over the last 24 hours.

Oftentimes, increases in transaction counts are a major indicator of growing demand, which tends to reduce circulating supply over time, potentially fueling upward momentum for its price.