3 Bullish Signals Suggest Ethereum May Be Undervalued in April 2026
By Kamina Bashir | Edited by Harsh Notariya | Published: April 15, 2026, 07:26 CET
Ethereum (ETH) is showing signs of significant strength that could indicate it is currently undervalued, despite trading well below its all-time highs. Analysts point to three key bullish indicators that may drive a positive price correction in the second half of April. This comes amid remarkable growth in network activity that contrasts sharply with the relatively low market valuation.
Record-Breaking Network Activity Amid Price Gap
On April 12, 2026, the Ethereum mainnet reached an all-time high with 3.62 million daily transactions, marking the first time it surpassed the 3 million mark in a single day. Leon Waidmann, Head of Research at Lisk, highlighted that the network’s transaction volume has steadily increased since November 2025—from roughly 1.5 million daily transactions six months ago to about 2.5 million on average recently.
Furthermore, the first quarter of 2026 saw Ethereum add approximately 284,000 new users alongside a record supply of stablecoins operating on its blockchain. These metrics point to robust organic growth in the Ethereum ecosystem’s foundational usage.
However, despite this surge in on-chain activity, Ethereum’s price remains over 50% below its all-time high. According to staking provider Everstake, this creates a notable disparity between the network’s fundamental strength and market price.
“Network operations have reached record levels, but that strength hasn’t been fully reflected in the price yet. Historically, such gaps tend to close over time,” Everstake commented.
“Ethereum currently stands on one of its strongest foundations ever — record usage, a highly established ecosystem, and ongoing developments in scaling and technology. This highlights a simple dynamic: price usually follows fundamentals, not the other way around. And the fundamentals are already here.”
Technical Analysis Reinforces Bullish Outlook
Delving into technical indicators, Crypto Patel, an analyst known for his expertise with the Ethereum Rainbow Chart—a logarithmic model illustrating long-term valuation bands—stated unequivocally that ETH is currently “cheap.” Patel emphasized that Ethereum has only entered such an undervalued zone twice before, and both times this was followed by substantial price rises within 18 months, reaching the upper “take profit” zones.
Additionally, analyst Ash Crypto drew attention to a confirmed bullish crossover in the weekly Moving Average Convergence Divergence (MACD) indicator—a momentum signal. Historically, the last two occurrences of weekly MACD bullish crossovers for Ethereum corresponded with dramatic price increases of approximately 183% and 75%, respectively.
Ethereum was trading near $2,346 on April 14. Following the previous examples, a 183% increase would push the price above $6,600, while a 75% rise would put it close to $4,100. —
Outlook and Market Conditions Still Key
While the combination of unprecedented on-chain activity and favorable technical signals points to promising potential for Ethereum’s price to rally, experts caution that broader market conditions throughout the second quarter of 2026 will play a pivotal role in determining if this momentum sustains.
Ethereum has already outperformed the overall cryptocurrency market and all top 10 digital assets over the last month, gaining over 12% despite macroeconomic uncertainties stirred by ongoing geopolitical tensions.
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Disclaimer: This article aims to present accurate and up-to-date information in line with the Trust Project guidelines. Readers should independently verify the facts and consult financial professionals before making investment decisions.
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