Network Activity Soars 38% as dApp Volumes Break Records

TLDR

Ethereum dApp volumes surged 38% in the last 30 days, reaching $3.54 billion
Daily unique active wallets increased to 78.53k
Gas usage is rising across DeFi, NFTs, and stablecoin transfers
ETH currently trading around $3,114 with key resistance at $3,200
Technical indicators show neutral conditions with RSI at 59.35

Ethereum’s decentralized application (dApp) ecosystem has demonstrated remarkable growth in November 2024, with transaction volumes reaching $3.54 billion and showing a 38% increase over the past month. This surge in activity comes as the network’s native token, ETH, trades around $3,114.

The number of daily unique active wallets (UAW) has climbed to 78,530, indicating growing participation across the network’s various applications. This metric represents a key indicator of ecosystem health and user engagement.

DeFi protocols have emerged as the primary drivers of this growth, capitalizing on increased total value locked (TVL) as users engage more actively with lending and trading platforms. The sector’s dominance in gas usage underscores its central role in Ethereum’s ecosystem expansion.

NFT marketplaces and blockchain gaming platforms have also contributed to the rising transaction volumes. These sectors continue to attract new users and generate consistent activity, despite the broader market’s mixed performance.

Gas usage patterns reveal increasing demand across multiple transaction types. Recent data shows average gas fees hovering around 50 Gwei, reflecting the network’s growing utility. Historically, such increases in gas fees have often preceded notable price movements for ETH.

The technical landscape for Ethereum presents a mixed picture. The 50-day moving average stands at $2,687, positioning itself above the 200-day moving average of $2,957. This configuration typically suggests an overall bullish trend in traditional technical analysis.

Price action shows ETH consolidating near $3,114, with a crucial resistance level at $3,200. Breaking above this threshold could open the path to further upside movement. Meanwhile, the $3,000 level serves as an important support zone.

The Relative Strength Index (RSI) reading of 59.35 indicates neutral market conditions, suggesting potential movement in either direction. This technical indicator helps traders gauge whether an asset is overbought or oversold.

Looking at broader network metrics, the increase in dApp volume to nearly $150 billion over the last 30 days marks the highest level recorded. This achievement underscores growing confidence in Ethereum-based applications.

Network upgrades continue to play a vital role in Ethereum’s development. The upcoming EIP-4844 (Proto-Danksharding) implementation aims to enhance scalability and network efficiency, potentially attracting more users to the ecosystem.

Carl Runefelt, a prominent crypto analyst, recently identified a bullish flag pattern in Ethereum’s price action. According to his technical analysis, ETH could target $4,150 upon breaking current resistance levels.

#Ethereum struggles to break out of this Bullish flag for 2 weeks already! Once it does, it might pump up to $4,150🎯 pic.twitter.com/NvUmVaVBm5

— The Moon (@TheMoonCarl) November 20, 2024

The network has maintained its position above the critical 200-day moving average, currently at $2,957. This technical indicator often serves as a dividing line between bullish and bearish market conditions.

Despite these positive developments, challenges remain. High gas fees continue to pose potential barriers to entry for new users, particularly during periods of peak network activity.

DeFi protocols’ dominance in gas usage highlights both the sector’s strength and the network’s reliance on financial applications. This concentration could influence future network development and scaling decisions.

Recent data from DappRadar confirms the steady increase in Ethereum dApp usage, with transaction volumes and user engagement showing consistent growth across different application categories.

Trading activity remains active above the 200-day moving average, suggesting sustained buyer interest despite recent price consolidation. The MACD indicator shows a slight bearish divergence, pointing to possible short-term momentum shifts.