Ethereum processed 240 million transactions on its base layer in the first quarter of 2026, setting a quarterly record. CoinPost reported on April 18 that it was the first time Ethereum's quarterly transaction volume exceeded 200 million.

Data compiled by artemisanalytics showed the figure recovered over about 3 years from a low of about 90 million transactions recorded in 2023. Ethereum transaction volume moved in a range of 100 million to 120 million in 2024, and the pace of recovery quickened from mid-2025. Transactions rose about 40 percent to 240 million in the first quarter of 2026 from 145 million in the fourth quarter of 2025, marking a clear increase.

The rise in transactions was attributed to broader use of layer-2 networks and stablecoins. Base and Arbitrum run a structure that processes transactions at low fees and then settles the results in a batch on Ethereum's base layer. That process also increased the number of transactions handled on the base layer.

Stablecoin indicators also aligned with expanding network activity. The supply of Ethereum-based stablecoins reached a record $18 billion, and its share of the global stablecoin market was estimated at about 60 percent. Growth in actual payment and transfer demand on the network underpinned the transaction rebound.

The activity increase is also affecting Ethereum's price trend. Ethereum is currently around $2,260, up about 10 percent over the past month. That is seen as a sign that recovering network fundamentals are starting to be reflected in the price.

It was also noted that rising transaction volume does not immediately translate into a higher token value. After the Dencun upgrade in March 2024, Ethereum's gas-fee revenue per transaction fell. An analysis said that even if layer-2 settlements and bridge activity increase base-layer transaction counts, a structure has strengthened in which the effect does not directly translate into token burns or higher value for holders.

Even so, the recent rebound in Ethereum's price was cited as showing that investors are evaluating the expansion in network use positively. It added that more confirmation is needed on whether the market will view the trend as sustainable growth.

A key point to watch is whether the transaction level stays above 200 million in the second quarter. Another key variable presented was whether the transaction increase is based on actual user demand rather than bot activity. Next-quarter indicators are expected to determine whether Ethereum's record transaction volume proves to be a temporary rebound or the starting point of a structural change that leads to a price recovery.