Strong Growth in Daily Usage of Ethereum Network
The Ethereum network has seen significant growth in daily usage, surpassing Bitcoin in terms of daily active addresses. Although Ethereum’s on-chain activity has been impressive, the price of ETH has remained stagnant.
Increasing Ethereum Daily Active Addresses
According to data from Artemis Terminal, Ethereum had more daily active addresses than Bitcoin and the BNB chain on September 13. The number of daily active addresses for Ethereum was 1.03 million, compared to Bitcoin’s 743,800 addresses and the BNB chain’s 1.02 million addresses. However, this spike in activity was temporary and returned to normal levels afterward.
Santiment’s market data also confirms this growth, with the number of active Ethereum addresses reaching 1,089,893 on September 13. This is the second-highest number in Ethereum’s history, with the peak being reached on December 9, 2022.
Additionally, a new record was set on September 13 with 1,627,860 transactions recorded on the Ethereum network.
Role of Ethereum in the World of DeFi
Despite a decrease in value below $1,700, Ethereum remains a prominent player in the decentralized finance (DeFi) and smart contract domain. Its market capitalization is currently over $196 billion.
Ethereum Price Expectations
While Ethereum has unique fundamentals, its price movements are closely tied to Bitcoin. Historical data shows that September is typically a bearish month for the cryptocurrency market. As a result, it is expected that Ethereum’s price will continue to decline in the coming weeks and may reach the next support zone at $1,550. The cryptocurrency is also facing significant selling pressure.
Technical analysis indicates that ETH has been facing resistance from the 30-day Exponential Moving Average (EMA) since late July.
Hot Take: Ethereum’s Growing On-Chain Activity
Ethereum’s on-chain activity has been on the rise, with daily active addresses surpassing Bitcoin. This growth highlights Ethereum’s importance in the world of decentralized finance and smart contracts. However, despite this positive development, the price of ETH has remained stagnant. It is expected that Ethereum’s price will continue to decline in the coming weeks, possibly reaching the next support zone at $1,550. Overall, while Ethereum’s network usage is increasing, its price faces challenges in a bearish market.
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