Analyst sees bullish signal as ETH transactions surge on DeFi growth

The number of daily Ethereum (ETH) transactions has broken out of a four-year consolidation range, according to a new analysis. CryptoQuant contributor Darkfost noted that daily ETH transactions, based on a 14-day simple moving average, had previously remained between 900,000 and 1.2 million. However, this figure has recently surged to between 1.6 million and 1.7 million, pushing past the long-standing range. As recently as January 2023, daily transactions were just over one million. Darkfost attributed the change to the rapid growth of the DeFi ecosystem, which is having a positive impact on Ethereum as a central platform for the sector.