The daily Ethereum (ETH) whale transactions have recorded a notable decline over the past day while the asset’s price surged. ETH is up by 4.4% in the past 24 hours and is trading at $3,350. The second-largest cryptocurrency has registered an impressive recovery of 13% over the past week as the broader crypto market rebounds.
ETH is up by 4.4% in the past 24 hours and is trading at $3,350 at the time of writing. The second-largest cryptocurrency has registered an impressive recovery of 13% over the past week as the broader crypto market rebounds.
Ethereum currently has a market cap of $400 billion with a daily trading volume of $12.7 billion.
According to data from Santiment, the number of whale transactions of at least $100,000 worth of ETH decreased by 56% over the past 24 hours, dropping from 11,115 to 4,827 unique transactions per day.
The declining whale activity suggests the asset’s price surge is driven by small investors, reducing the chance of whale market manipulation.
Meanwhile, data from market intelligence platform shows that ETH’s total open interest has consistently risen over the past week, surging from $6.04 billion on July 8 to $6.97 billion currently.
The increased open interest typically leads to high price volatility due to increased liquidations. As ETH’s price rose, per Coinglass data, ETH liquidations totaled $24 million, with $5 million in long and nearly $19 million in short positions.
Similarly, Ethereum’s Relative Strength Index (RSI) has been rising since July 7. Data from Santiment indicates the RSI is currently around 50, suggesting the asset is well-positioned for further price increases.
