Points of Focus

• ETH trades near the $2,000 level as macro pressure weighs on price despite strong on-chain signals.
• Ethereum network activity remains elevated, with user growth and DEX dominance increasing.
• Exchange supply drops to historic lows, pointing to accumulation but not immediate price recovery.

On April 2, 2026, Ethereum (ETH) is trading close to the $2,000 level after a recent decline, reflecting broader risk-off sentiment across global markets. At the same time, on-chain data is telling a different story. Network activity is rising, user participation is increasing, and available supply is tightening. This growing gap between price and fundamentals is becoming harder for the market to ignore.

ETH price struggles near $2K as macro pressure limits upside

Ethereum’s recent weakness is closely tied to broader market conditions. Geopolitical tensions and tighter liquidity have pushed risk assets lower, and ETH hasn’t been immune. The asset remains range-bound between roughly $1,950 and $2,200, with sellers maintaining short-term control.

Recent ETF flow data reflects this cautious backdrop. Spot Ethereum ETFs saw brief inflows of around $4.9 million after an extended outflow streak, but total weekly outflows still reached about $440 million. This imbalance shows that institutional demand hasn’t yet returned in a meaningful way.

For now, macro pressure is outweighing Ethereum’s improving on-chain signals.

Ethereum network activity rises as user growth holds steady

Despite weak price action, Ethereum’s network usage remains strong.

Data from Santiment shows:

• Around 788,000 daily active addresses
• Roughly 255,000 new addresses created per day
• Transaction levels approaching historical peaks

📈 Ethereum's network remains near all-time high levels as $ETH's market value sits at ~$2,130. According to our on-chain data, there are:

🏃 Over 788K addresses per day interacting on the network
👶 Over 255K new addresses per day created on the network pic.twitter.com/vz5Vq2HwDf

— Santiment ✈️ 🇫🇷 EthCC (@santimentfeed) April 1, 2026

These figures indicate that activity across decentralized finance, stablecoins, and on-chain applications continues to expand.

This matters because Ethereum’s long-term value depends on usage, not just speculation. Strong participation suggests the network is still growing even while price remains under pressure.

There is, however, an important limitation. A significant portion of this activity now takes place on layer-2 (L2) networks. While this supports scaling and adoption, it reduces direct fee generation on the main chain, which can delay how quickly usage translates into price movement.

Ethereum gains DEX market share as Solana volumes decline

A shift is also emerging in decentralized trading.

Ethereum’s share of decentralized exchange volume has increased from 33% in January to 42% in March 2026. This growth has been driven largely by layer-2 ecosystems that improve transaction speed and reduce costs.

At the same time, Solana’s DEX volumes dropped to around $55.5 billion in March 2026, their lowest level since September 2024, as the meme-coin trading wave that had inflated Solana’s on-chain volumes continued to cool. That slowdown suggests Ethereum’s share gain was not only about L2 strength, but also about weaker speculative turnover on competing chains.

🚨 JUST IN: SOLANA DEX VOLUMES FALL TO 2024 LOWS AS ACTIVITY COOLS

Solana sees DEX volumes drop to $55.5B, the lowest since Sept 2024, driving a 42% decline in network fees.

While Ethereum’s DEX market share rose from 33% in January to 42% in March driven by L2 ecosystems. pic.twitter.com/DAgN4Y8eHS

— Coin Bureau (@coinbureau) April 1, 2026

ETH exchange supply hits record lows, signaling accumulation

Supply-side data provides additional context for the current setup.

According to Glassnode, Ethereum held on centralized exchanges has dropped to around 11% of total supply, the lowest level on record. This marks a steep decline from about 32% in June 2020.

Lower exchange balances typically signal:

• Reduced immediate sell pressure
• Increased long-term holding behavior
• Gradual accumulation by investors

What a chart!

ETH balance on exchanges just hit an ALL-TIME LOW! 📉

Only 11% of total supply left on exchanges.

🔹 Jun 2020: 32% of ETH sat on exchanges
🔹 2022-2024: slow, steady decline
🔹 Mar 2026: VERTICAL drop to 11%

Less ETH on exchanges = less immediate sell… pic.twitter.com/k3vmIhcjxZ

— Leon Waidmann (@LeonWaidmann) April 1, 2026

Still, this signal should be interpreted carefully. Tight supply alone doesn’t guarantee price appreciation. Without strong demand, especially from institutions, reduced sell pressure may not be enough to drive a sustained move higher.

A widening gap between Ethereum usage and valuation

Ethereum is currently showing two opposing trends. Network activity, user growth, DEX share, and declining exchange supply all point to strengthening fundamentals. At the same time, price momentum remains weak, institutional flows are mixed, and macro pressure continues to weigh on the market.

This disconnect is becoming more visible. Ethereum is increasingly functioning as a widely used financial infrastructure layer, yet its valuation remains tied to external conditions. The takeaway is not that fundamentals are being ignored, but that current market conditions are slowing how quickly they are reflected in price.