Ethereum has posted strong returns over the past month compared with major large-cap digital assets and the overall market, and a series of analyses in April say its price has entered an undervalued zone.

On April 15 local time, blockchain outlet BeInCrypto reported that the market is watching the possibility of further gains in Ethereum based on on-chain indicators and technical signals.

One key basis cited is a gap between network usage and price. Leon Waidmann (레온 바이드만), head of research at Risky, said the Ethereum mainnet processed 3.62 million transactions on April 12. It was the first time Ethereum exceeded 3 million daily transactions. Daily transactions have risen steadily since November 2025, and the baseline over the past six months has climbed to about 2.5 million from about 1.5 million.

The report also pointed to 284,000 new users in the first quarter and a record high in stablecoin supply. These figures were presented as indicators of continued organic growth on Ethereum's base layer. By contrast, Everstake said Ethereum's price remains more than 50 percent below its all-time high despite strong network activity.

Everstake said network activity is at peak levels but the price has yet to fully reflect that strength, adding that such gaps often narrow over time. It also said Ethereum stands on a very strong foundation of record usage, a deeply established ecosystem, scalability and continued progress in development, and that fundamentals are forming ahead of price.

Technical indicators also delivered bullish signals. Crypto Patel said he sees the current price level as an undervalued area based on the Ethereum Rainbow Chart, a log regression tool that shows a long-term value zone. "What the Rainbow Chart is saying now is simple. Ethereum is cheap," he said. He added that Ethereum has entered this zone only twice in the past, and both times it rose to the upper "profit-taking" zone within 18 months.

Even as global capital flows have been shaken by war variables and macro volatility, Ethereum has risen more than 12 percent over the past month. Against that backdrop, the market is focusing on whether network expansion and long-term momentum signals are appearing at the same time, rather than short-term price moves. In the second half of April, whether on-chain strength and technical indicators translate into an actual price trend will be a key point to watch, the outlet reported.