Ethereum Surges Past Bitcoin with Strong On-Chain Metrics

Ethereum has experienced a significant surge in its price, outperforming Bitcoin in March. According to recent data, ETH gained 7.12% while BTC only rose by 1.83%. This capital rotation is largely driven by strong on-chain metrics, including a new all-time high in Ethereum's 7-day SMA total transfers.

The surge in ETH's price is attributed to the increasing adoption of DeFi protocols and Layer 2 scaling solutions, which have fueled record on-chain utility for the cryptocurrency. This has resulted in higher transfer volumes, accelerating ETH burning under the EIP-1559 fee mechanism and creating deflationary pressure on supply.

As a result, Ethereum now sits at a classic inflection point where price lags fundamentals. According to forecasts, ETH is expected to reach $2,614.81 in one month, $4,093.80 in three months, and $2,706.87 by the end of 2026.