Ethereum holds above $1.7k, more transactions in loss
The Ethereum (ETH) price saw a notable surge on Aug. 29 after consolidating around the $1,650 mark for ten days.
However, Santiment data suggests there are still more daily transactions in loss. According to the market intelligence platform, the ratio of daily profit and loss transactions dropped to 0.62.
Per Santiment, the ratio hit a three-week high of 1.37 on Aug. 29, when ETH was trading at around $1,740.
Moreover, the number of Ethereum whale transactions, consisting of at least $100,000 worth of ETH, has dropped significantly while the asset still holds above the $1,700 mark. Per Santiment, the whale transactions count hit a local high of 5,281 on Aug. 17 as the global crypto market, including ETH’s price, significantly declined.
On Aug. 29, the number of Ethereum whale transactions also hit a 10-day high of 3,742, but has been constantly dropping over the past two days. According to Santiment’s data, 2,777 whale transitions were recorded on Aug. 30 and only 393 trades have been registered today.
The notable drops came with a 0.5% decline in Ethereum’s price in the past 24 hours. ETH is trading at $1,705 with a $205 billion market cap at the time of writing.
Furthermore, Ethereum’s 24-hour trading volume has witnessed a deeper dive of 61%, closing down to the $4.4 billion mark as most of the major cryptocurrencies turned red.
