Ethereum is approaching a key level, but it’s hiding strong signals! Active addresses are nearing their all-time high, while funds continue to leave trading platforms

Gate News message, in April 2026, the price of Ethereum has continued to come under sustained pressure amid geopolitical tensions; in the past 24 hours, it is down by roughly 3.5%, and at one point it fell to around $2,047.

Although the price performance has been weak, on-chain data has delivered a completely different signal. Data platform Santiment shows that Ethereum network activity remains at a high level: daily active addresses are close to 788,000, while daily new addresses are about 255,000, indicating that user growth has not slowed despite the price pullback.

From the perspective of ecosystem structure, Ethereum’s competitiveness in the decentralized exchange space is strengthening. Coin Bureau data indicates that, driven by Layer 2 expansion networks, its DEX market share has risen from 33% in January to 42% in March. By contrast, Solana’s on-chain DEX trading volume has seen a clear decline, and its market share has contracted.

Fund flows are also worth paying attention to. Glassnode data shows that the share of Ethereum held on centralized platforms has fallen to about 11% today, far below 32% in 2020. This trend accelerated noticeably in early 2026, reflecting that users are more inclined toward self-custody or long-term holding—thereby reducing near-term sell-pressure.

Analyst Leon Waidmann noted that when the price approached $2,000, the market did not show panic-driven selling; instead, there was money choosing to keep accumulating. This kind of behavior is typically viewed as a bullish signal for the medium to long term.

However, whether the price can achieve a reversal still depends on the external environment. The direction of events in the Middle East and changes in macro liquidity will continue to affect the performance of risk assets, including Ethereum. At the current stage, fundamentals and price action appear to be diverging, and the market is in a critical tug-of-war range.