Between 14:30 and 14:45 (UTC) on 2026-04-02, the ETH price surged rapidly, with a return of +1.52%. The price range was 2038.01 to 2071.65 USDT, with a swing of 1.65%. During this period, market attention noticeably increased, capital flows accelerated, and short-term volatility intensified.
The main drivers behind this market anomaly are the significant rise in on-chain activity and the innovative effects within the DeFi and NFT ecosystems. Data shows that the number of active Ethereum addresses jumped from 380,000 to 840,000, an increase of 121%. In the same period, average daily transaction volume rose from 1.1 million to 1.8 million, up 64%. Meanwhile, total locked value (TVL) in DeFi increased to 48 billion USD, and NFT trading volume rose to 140 million USD, both reaching new highs for the current phase. Innovative protocols and incentive measures boosted users’ engagement, translating into stronger real demand and buying pressure. Recent upgrades to the Ethereum protocol improved network efficiency, lowered the barrier for user participation, and further strengthened demand-side momentum.
In addition, a more balanced buildup of capital flows and market structure also played a role in accelerating the move. On-chain data shows that the transfer frequency of assets between the Ethereum mainnet and Layer-2 increased, making circulation and operations more active. Institutional investors increased holdings through large on-chain transfers, while active retail users brought multi-point distribution of capital, reducing the risk of price manipulation by a single entity. With multiple factors moving in sync, market resilience increased, and improved market structure health has supported the continuation of this rally.
Be aware of the sustainability risk of the current surge in activity. In the short term, if activity and trading volume cannot be maintained, or if the subsequent performance of ecosystem projects falls short of expectations, there is pressure for a market pullback. At the same time, it is also important to monitor future network congestion and Gas fee changes, capital flow direction, and progress on key technical upgrades. As short-term trading risks are released faster, it is recommended to continuously monitor key market data and unusual on-chain capital movements.
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