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Market intelligence firm Santiment has examined Ethereum’s on-chain activity. It’s latest post on X (former Tweeter) shows Ether’s daily active addresses climbed to historic peaks of approximately 1,089,993 on 13 September. That represents the second-highest 24-hour transacting addresses in Ethereum’s 8+ year history.

Ether recorded the highest daily active addresses count on 9 December 2022, matching the assets revival following 2021 losses. Meanwhile, Santiment analysts trust Ether could witness surged volatility, which might trigger price recoveries. The surged on-chain activity shows increased demand for the altcoin.

Ethereum traded at $1,625 at this publication, following a 1.62% jump over the past day.

The altcoin has experienced instability since its latest dip beneath the vital $1.7K. Ether will continue to follow Bitcoin and broad market conditions, which are somewhat unwelcoming at the moment.

Nonetheless, Ethereum remains a solid asset, dominating the smart contract and decentralized finance sectors – with $20B in TVL.

Institutional players have lately shown interest in Ethereum spot ETFs. As seen here, asset managers 21Shares and Cathie Wood’s Ark Invest recently filed for Ether exchange-traded funds with the United States Securities & Exchange Commission.

Further, Ethereum’s EVM network hosts multiple blockchains. Thus, the second-largest crypto by market value remains a lucrative asset with impressive trading activity and liquidity.

Nonetheless, enthusiasts should focus beyond unique fundamentals when assessing Ether’s price actions. The altcoin remains vulnerable to volatility. Further, September has historically been a dark month for the crypto market.

Thus, Ether might weaken further in the coming weeks, possibly towards the crucial support barrier at $1.5K. Further, Ethereum has increasingly flowed in exchanges lately, with 21,938 Ether deposited into Coinbase and 32,500 Ether landing on OKX.

Such significant token transfers have historically triggered bearishness in the cryptocurrency market. The narrative is that dip-pocketed players send their coins to exchanges in preparation to sell, catalyzing a downward pressure on crypto prices.

The post Ethereum’s potential rebound as unique addresses hit historic highs appeared first on Invezz.

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