ETH’s Unique Transactions Spike Ahead of Potential Price Rebound

• Ethereum experienced its second-highest-ever unique wallet transactions activity yesterday.
• On September 13, 1,089,893 unique wallets acted as a sender or receiver of ETH.
• The unusual behavior could be the capitulation signal needed for prices to rebound.

Ethereum experienced its second-highest-ever unique wallet transactions activity yesterday, Wednesday, September 13, 2023. Data from Santiment, the market intelligence platform with on-chain and social metrics, showed that 1,089,893 unique wallets acted as a sender or receiver of ETH yesterday.

According to Santiment, this unusual behavior exhibited by the second-largest cryptocurrency by market capitalization could be the capitulation signal needed for crypto prices to rebound. The crypto market has experienced a protracted bear market, despite expectations by users for the market to rally a few months before the next Bitcoin halving.

Santiment used a screenshot of its dashboard to elaborate on the significance of the recent behavior observed on the Ethereum network. The platform for market analysis highlighted that the only time the unique addresses interacting on the Ethereum network surpassed yesterday’s figure was on December 9, 2022, about ten months ago.

Although Santiment’s outlook on the recent development sounded optimistic, not all crypto users agree with that idea, especially when considering other external factors. For instance, one crypto user who identifies as Tom Tom on X (formerly Twitter) suspects the spike in ETH transaction activity could signal an upcoming price dump. According to Tom Tom, happening on the same day when the court approved FTX asset’s liquidation application could mean users may be planning to dump their digital assets.

The immediate impact of this development seems to be slightly positive, considering that ETH gained 1.40% in the last 24 hours to the time of writing. This upside movement follows two days of consecutive gains after bouncing off a local low of $1,531.

ETH trades for $1,620 at the time of writing as it struggles to climb above a significant resistance established on June 15, when it acted as support for the falling crypto.