How Ethereum’s prices reacted after intriguing record-high spike

Posted: September 15, 2023

• Ethereum’s transactions and active users spiked to a record high.
• ETH was on a four-day consecutive price uptrend at press time, trading above $1,600.

As per a 13 September post on X (formerly Twitter), the number of active Ethereum [ETH] users surged to over 1 million. How has this surge affected other important metrics?

Read Ethereum’s [ETH] Price Prediction 2023-24

Ethereum active addresses witness a brief spike

According to an analysis of the active user metric, Ethereum’s surge to 1 million active addresses was a stark contrast to the typical average of approximately 300,000 active users that Ethereum had been experiencing prior to the spike.

Something weird is going on with daily active Ethereum addresses. from their usual 300-400K to over 1M yesterday. pic.twitter.com/nXgW6ydCES

— Patrick Scott | Dynamo DeFi (@Dynamo_Patrick) September 14, 2023

However, as of this writing, the number of active users had returned to its previous range. The observable count of active addresses stood at over 350,000 at press time. Was there any impact on other metrics?

Source: CryptoQuant

Ethereum’s transactions and volume analysis

According to the transaction data from DefiLlama, there was a noticeable increase in the number of active Ethereum users that correlated with a surge in transactions.

The transaction chart indicated that on the same day as the spike in active users, the number of transactions surged to over 1.6 million. Prior to this surge, the transaction count typically ranged from 800,000 to 1 million.

Notably, this peak marked the highest transaction volume recorded so far this year.

However, similar to the active users, the transaction count has since decreased. As of this writing, the number of transactions was approximately 1 million.

Interestingly, a review of the volume trend revealed that it remained relatively unaffected by the spike in active users and transactions. It displayed a stable, non-spiky pattern and currently stands at around $754 million.

ETH on an uptrend of its own

Examining ETH’s price trend using a daily timeframe chart revealed that it has been following its upward trajectory. The chart indicated a four-day streak of consecutive gains, following a period of stagnant movement and a significant dip.

How much are 1,10,100 ETHs worth today?

As of this writing, Ethereum was trading at approximately $1,630, showing a slight uptick of less than 1%. It’s worth noting that although the Relative Strength Index (RSI) still indicated a position below the neutral line, the ongoing price uptrend had pushed it higher.

Source: TradingView

However, as of the time of this update, the exact cause behind the surge in transactions and active users remained unknown.