Ethereum
Ethereum whale activity increases due to 5% price hike
Ethereum (ETH) The price increase after a week of decline triggered an increase in whale activity.
ETH is up 5% in the last 24 hours and is trading at $3,065 at the time of writing. The asset’s market cap currently stands at $368 billion. The price surge comes as Ethereum has seen a 10.7% drop in the last seven days.
ETH Price, RSI, Whale Activity and Open Interest – July 9 | Source: Santiment
Additionally, ETH’s daily trading volume saw a 46% increase, reaching $21 billion. At this point, Ethereum is still down 37% from its all-time high of $4,891 in November 2021.
According to data provided by Santiment, the number of whale transactions consisting of at least $100,000 worth of ETH increased by 74.5% in the last 24 hours, from 2,995 to 5,223 unique transactions.
As whale activity around ETH increases, the asset’s total open interest has been steadily declining over the past week. According to Santiment, Ethereum’s open interest has dropped from $7.76 billion on July 2 to $6.01 billion at the time of reporting. The open interest has dropped significantly due to a high number of liquidations over the past seven days.
Despite the increase in Ethereum whale activity and trading volume, its declining open interest could hint at lower price volatility due to fewer liquidations at this price level.
Data from the market intelligence platform shows that ETH’s Relative Strength Index (RSI) currently stands at 34. The indicator suggests that Ethereum is still oversold in current market conditions.
One of the main drivers of the recent bullish market momentum is the $295 million in admissions in spot Bitcoin (BTC) ETFs — helping BTC price hold above the $57,000 mark.