Markets
Ethereum Whale Transactions Cut in Half, Price Hits $3.3K
The Ethereum Daily (ETH) whale transactions have seen a notable decline over the past day, while the asset’s price has soared.
ETH is up 4.4% in the past 24 hours and is trading at $3,350 at the time of writing. The second-largest cryptocurrency recorded an impressive 13% recovery last week as the cryptocurrency market recovered.
ETH Price, Whale Activity, Open Interest and RSI – July 15 | Source: Santiment
Ethereum currently has a market cap of $400 billion with a daily trading volume of $12.7 billion.
According to data provided by Santiment, the number of whale transactions consisting of at least $100,000 worth of ETH has decreased by 56% over the past 24 hours — falling from 11,115 to 4,827 unique transactions per day.
The decline in whale activity shows that the asset price rose with the help of small investors with a very low chance of whale market manipulation.
On the other hand, data from market intelligence platform shows that total open interest in ETH has been rising consistently over the past week — jumping from $6.04 billion on July 8 to $6.97 billion at the time of reporting.
Rising open interest usually brings high price volatility due to increased liquidations. As the price of Ethereum surged, per Coinglass datathe value of ETH liquidations reached $24 million — $5 million in long positions and almost $19 million in short positions.
In a very similar way, the ETH The Relative Strength Index (RSI) has also been steadily increasing since July 7. According to data from Santiment, Ethereum’s RSI is currently hovering around the 50 mark, showing that the asset is in good shape for a potential price increase.