ETH hourly chart slightly up 0.09%: DEX trading volume surges and derivatives bullish sentiment resonate to drive local upward movement

Between 16:00 and 17:00 (UTC) on 2026-04-06, the ETH spot return recorded +0.09%. The price range was 2160.45 to 2168.62 USDT, with a range (amplitude) of 0.38%. Trading volume and on-chain activity in this period increased significantly; market attention rose rapidly, and short-term volatility was amplified.

The main drivers behind this anomaly were a surge in decentralized exchange (DEX) trading volume and strengthening bullish sentiment in the derivatives market. Uniswap v3’s trading volume over the 24-hour event window reached $410 million, up 163.62% significantly from the prior period. At the same time, the number of on-chain transfers increased from 45,000 to 54,000, and the number of active addresses rose from 21,500 to 25,700, indicating more participants. Some short-term funds used the DEX for arbitrage or asset conversion, driving a localized rise in the spot price.

In addition, overall net outflows of funds from the ETH chain continued (daily $52.7 million), and ETFs saw daily net outflows of $7.1 million, indicating that institutional capital withdrew in the short term. Funds shifted toward Layer2 chains (such as Arbitrum), but on the ETH chain, active liquidity was replenished. Some localized funds and derivatives funds formed a resonance effect that further intensified volatility. The Ethereum Foundation’s staking of 22,517 ETH (about $50 million) in early April suggests that long-term holders’ confidence was not affected by short-term funding fluctuations, further balancing short-term sell pressure.

It should be noted that ongoing outflows from ETFs and on-chain funds bring the risk of a short-term pullback, and the DEX trading volume surge is only a localized phenomenon. If fund inflows weaken and market sentiment fades, the price anomaly is unlikely to sustain. Going forward, key focus should be on on-chain fund flows, the activity levels of the spot and derivatives markets, the key support level of 2150 USDT, and ETF fund flows. Users are advised to closely track real-time market updates and remain alert to volatility risks.