3 Bullish Signals Indicate Ethereum Might Be Undervalued in April

Ethereum
ETHUSD
has outperformed the overall market and all major cryptocurrencies in the top 10 over the past month, recording gains of over 12% amid macroeconomic volatility caused by war that shifts capital flows.

Some analysts are now pointing to three different signals that depict a bullish outlook for Ethereum's price heading into the second half of April.

Ethereum Network Activity Hits Record, Price Still Low

Leon Waidmann, head of research at Lisk, highlighted that Ethereum's mainnet recorded 3.62 million transactions on April 12. This marks the first time the network processed more than 3 million transactions in a single day.

According to Waidmann, daily transaction numbers have been trending upward since November 2025. The baseline figure has shifted from around 1.5 million to approximately 2.5 million over the past six months.

Combined with 284,000 new users in the first quarter and record-breaking stablecoin supply, these metrics indicate ongoing organic growth at Ethereum's base layer.

Meanwhile, staking infrastructure provider Everstake revealed that ETH is still trading more than 50% below its all-time high price despite very strong network activity. Thus, the price shows a significant gap between network utilization and market valuation.

“This creates a notable disparity, as network activity is at peak levels, yet the price has not fully reflected that strength. Historically, such gaps tend to narrow over time,” the post states. “Ethereum stands on one of its strongest foundations ever—record-breaking usage, a highly established ecosystem, and ongoing developments in scalability and development. In many ways, this highlights a simple dynamic: prices usually follow fundamentals, not the other way around. And the fundamentals themselves are very strong.”

Technical Indicators Signal Bullish

On the technical side, Crypto Patel refers to the Ethereum Rainbow Chart, a logarithmic regression tool mapping long-term valuation ranges. According to Patel,

“The Ethereum Rainbow Chart currently says just one simple thing. ETH is cheap. Not ‘buy now’. Not ‘maybe wait’. Not ‘hold and hope’. Just cheap.”

He also mentions that ETH has only entered this price range twice before, and on both occasions, ETH successfully reached the “Take Profit” zone within 18 months.

On the other hand, analyst Ash Crypto highlights a confirmed weekly MACD bullish crossover. This Moving Average Convergence Divergence indicator tracks momentum changes over a long period.

According to Ash Crypto, the previous two weekly MACD crossovers on ETH led to price rallies of 183% and 75%, respectively.

With ETH trading near US$2,346 on April 14, a 183% rally from the current price would place the asset around US$6,639, while a 75% increase would bring the price to approximately US$4,105. Whether the combined on-chain strength and technical signals will truly result in sustained price movement will likely depend heavily on broader macroeconomic conditions throughout the second quarter.
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