- Ethereum has recorded a second-all-time high in transactions.
- Experts predict a bullish phase for the network.
- The price of Ether has experienced a slight increase.
Recent months have witnessed a highly bearish run for digital assets, including Ethereum (ETH).
Amid its ongoing recovery from the rather turbulent phase, the Ethereum network may be experiencing the precursor to a bullish price reversal after recording over one million transactions in a single day.
Unprecedented Network Activity
The network witnessed an extraordinary surge in activity on September 13th, marking the second-highest level in its eight-year history.
According to the market intelligence platform Santiment, 1,089,893 unique wallets participated in Ethereum (ETH) network transactions as senders or recipients. This figure indicates a 150-200% increase from the network’s typical previous record of 300,000 to 450,000 wallets. Of the transactions, 640,000 Ether (ETH) were recorded as withdrawals from centralized exchange users.
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Despite the recent spike in activity, the overall net activity on the Ethereum (ETH) network remains relatively subdued, decelerating the Ethereum Improvement Proposal (EIP) 1559-enabled token-burn process.
Ethereum (ETH) is trading at $1,619 on major spot platforms, reflecting a 1.3% increase over the last 24 hours.
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