Ethereum (ETH) gained over 12% in the past month, outperforming every top-10 large-cap digital asset as analysts point to record network activity and technical signals suggesting further upside.

ETH Network Activity Hits Record

Lisk head of research Leon Waidmann noted that the Ethereum mainnet recorded 3.62 million transactions on Apr. 12, the first time the network has processed more than 3 million in a single day.

Daily transactions have trended higher since November 2025, with the baseline shifting from roughly 1.5 million to approximately 2.5 million over six months.

The network also added 284,000 new users in Q1 and hit a record stablecoin supply, metrics that suggest sustained organic growth on Ethereum's base layer.

Yet ETH still trades more than 50% below its all-time high, according to staking infrastructure provider Everstake, which described the gap between network usage and market valuation as a "notable divergence."

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Crypto Analysts See Bullish Signals

Analyst Crypto Patel pointed to the Ethereum Rainbow Chart, a logarithmic regression tool that maps long-term valuation bands.

"The Ethereum Rainbow Chart is saying one simple thing right now. It's cheap," he wrote.

ETH has only entered this band twice before, and both times it reached the upper range within 18 months.

Whether the on-chain and technical confluence translates into sustained gains will likely hinge on broader macro conditions through Q2. ETH had been under pressure for much of early 2026, falling alongside risk assets during a period of trade-war-driven volatility before mounting its recent recovery.

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