Ethereum whale activity increases amid 5% price increase

Ethereum whale activity increases amid 5% price increase
Ethereum whale activity increases amid 5% price increase

The rise in the price of Ethereum (ETH) after a week of downward momentum has triggered increased whale activity.

ETH is up 5% in the past 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 after Ethereum saw a 10.7% slump over the past seven days.

Ethereum whale activity increases with 5% price increase – 1
ETH Price, RSI, Whale Activity and Open Interest – July 9 | Source: Santiment

Furthermore, ETH’s daily trading volume increased by 46%, reaching $21 billion. At this point, Ethereum is still 37% below its all-time high of $4,891 in November 2021.

According to data from Santiment, the number of whale transactions involving ETH worth at least $100,000 has increased by 74.5% in the last 24 hours – from 2,995 to 5,223 individual transactions.

While whale activity around ETH is increasing, the asset’s total open interest has been steadily declining over the past week. According to Santiment, Ethereum’s open interest has fallen from $7.76 billion on July 2 to $6.01 billion at the time of reporting. Open interest has dropped significantly over the past seven days due to a high number of liquidations.

Despite the increase in whale activity and trading volume on Ethereum, the declining open interest could indicate lower price volatility due to lower liquidations at this price point.

Data from the Market Intelligence platform shows that the ETH Relative Strength Index (RSI) is currently at 34. The indicator suggests that Ethereum is still oversold under the current market conditions.

One of the main drivers behind the recent market-wide bullish momentum is the $295 million inflows into the spot Bitcoin (BTC) ETFs, which are helping to keep the BTC price above the $57,000 mark.

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