Recent data reveals a significant increase in the daily usage of the Ethereum network, with Ethereum surpassing Bitcoin in terms of daily active addresses. On September 13th, Ethereum recorded more than 1 million daily active addresses, while Bitcoin had 743,800, and the BNB chain had 1.02 million. This surge in Ethereum’s daily active addresses demonstrates its growing importance in the world of decentralized finance (DeFi) and smart contracts. Despite Ethereum’s price remaining relatively stable below $1,700, it continues to play a vital role in the crypto market, with a market capitalization exceeding $196 billion.
The growing interest in Ethereum is further evident in the number of transactions recorded on the network. On September 13th, Ethereum saw a new record of 1,627,860 transactions, surpassing the previous record set on September 17, 2020, with approximately 1,406,000 transactions. Ethereum’s role in the world of DeFi and smart contracts has contributed to its strong fundamentals.
However, Ethereum’s price is closely tied to Bitcoin’s price movements, and historical data suggests that September is typically a bearish month for the cryptocurrency market. Ethereum’s price is expected to face further declines in the coming weeks, possibly approaching the next support level at $1,550. Additionally, it is currently experiencing significant selling pressure, with the 30-day Exponential Moving Average (EMA) acting as resistance since late July.