On September 20, according to The Block, major cryptocurrencies surged following the Federal Reserve's announcement on Wednesday to cut the federal funds rate by 50 basis points. If this market recovery evolves into a sustained bull market, analysts predict a significant increase in Ethereum on-chain activity.

Jasper De Maere, Head of Research at Outlier Ventures, stated that Ethereum's on-chain activity could increase considerably as market conditions improve. This surge would primarily be driven by speculation, but also by increased engagement with decentralized applications. Currently, numerous projects are poised to launch on Ethereum. As the market environment improves, the emergence of new projects could drive activity across various cryptocurrency sectors.