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The daily Ethereum (ETH) whale transactions have seen a significant decline over the past day, even as the asset’s price has surged. ETH is up by 4.4% in the past 24 hours and is trading at $3,350. The second-largest cryptocurrency has achieved a 13% recovery over the past week as the broader crypto market rebounds.
Ethereum currently holds 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 involving at least $100,000 worth of ETH has decreased by 56% over the past 24 hours, dropping from 11,115 to 4,827 unique transactions per day. This decline in whale activity suggests that the price surge has been driven by small investors, reducing the likelihood of market manipulation by large holders.
On the other hand, data shows that ETH’s total open interest has been consistently rising over the past week, increasing from $6.04 billion on July 8 to $6.97 billion. The heightened open interest often brings increased price volatility due to higher liquidations. As Ethereum’s price increased, according to Coinglass data, the amount of ETH liquidations reached $24 million—$5 million in long positions and nearly $19 million in short positions.
Similarly, the ETH Relative Strength Index (RSI) has been on an upward trend since July 7. Data from Santiment indicates that Ethereum’s RSI is currently around the 50 mark, suggesting the asset is in a stable condition for a potential price surge.
For more updates on Ethereum and other cryptocurrencies, stay tuned to Global Crypto News.
