Ethereum displays a fascinating disconnect between price action and network fundamentals as of April 3, 2026. While ETH trades sideways around $2,130, underlying network activity shows remarkable strength with over 788,000 daily active addresses and 255,000 new addresses created daily - figures near all-time highs.
Ethereum dominates the tokenization narrative, controlling 61.4% of all tokenized assets including stablecoins, funds, stocks, and commodities. The tokenized asset market has exploded from $50 billion in 2022 to over $200 billion today, with Ethereum capturing the majority share, representing crucial infrastructure rather than mere speculation.
Supply dynamics are also shifting favorably for ETH. Binance's ETH reserves have dropped below February 2024 lows while USDT and USDC reserves climb, suggesting ETH is quietly leaving exchanges as stablecoins pile in. Historically, this supply shortage combined with increasing stablecoin liquidity creates conditions for upward price expansion.
However, geopolitical uncertainty continues acting as a ceiling on price action. Short-term ETH price prediction remains capped with $2,390 acting as stubborn resistance. If geopolitical tensions ease and the current supply trend continues, it could set up a compelling case for significant upward movement in the ETH/USD pair.
