Journalist
Posted:
- Ethereum transactions and active users reached an all-time high.
- ETH was in the midst of a four-day consecutive price surge at the time of writing, trading above $1,600.
According to a September 13 post on X (formerly Twitter), the number of active Ethereum [ETH] users rose to over 1 million. How has this increase affected other key metrics?
Read Ethereum’s [ETH] Price forecast 2023-24
Active Ethereum addresses witness a brief spike
According to an analysis of the active user metric, Ethereum’s rise to 1 million active addresses was in stark contrast to the typical average of around 300,000 active users that Ethereum had experienced before the peak.
There is something strange going on with daily active Ethereum addresses. from their usual 300-400K to over 1 million yesterday. pic.twitter.com/nXgW6ydCES
—Patrick Scott | Dynamo DeFi (@Dynamo_Patrick) September 14, 2023
However, at the time of writing, the number of active users had returned to the previous range. The observable number of active addresses at the time of writing was over 350,000. Was there any impact on other metrics?
Source: CryptoQuant
Ethereum’s transactions and volume analysis
According to the transaction details of DefiLlamathere was a noticeable increase in the number of active Ethereum users that correlated with an increase in the number of transactions.
The transaction graph indicated that on the same day as the peak in active users, the number of transactions increased to over 1.6 million. Before this surge, the number of transactions typically ranged from 800,000 to 1 million.
Notably, this spike marked the highest transaction volume recorded so far this year.
However, as with active users, the number of transactions has decreased since then. At the time of writing, the number of transactions was approximately 1 million.
Interestingly, an examination of the volume trend showed that it remained relatively unaffected by the spike in active users and transactions. It showed a stable, non-spiky pattern and is currently around $754 million.
ETH is in its own uptrend
Examination of ETH’s price trend using a daily timetable has shown that it has followed its upward trajectory. The chart indicated a four-day streak of consecutive gains, after a period of stagnant moves and a significant dip.
How much is 1,10,100 ETHs worth today?
At the time of writing, Ethereum was trading at around $1,630, showing a slight increase of less than 1%. It is worth noting that although the Relative Strength Index (RSI) was still indicating a position below the neutral line, the ongoing price uptrend had pushed it higher.
Source: TradingView
However, at the time of this update, the exact cause behind the increase in transactions and active users remained unknown.