Ethereum whale transactions cut in half, price reaches $3.3k

The daily Ethereum (ETH) whale transactions have recorded a notable decline over the past day while the asset’s price surged.

ETH is up by 4.4% in the past 24 hours and is trading at $3,350 at the time of writing. The second-largest cryptocurrency has registered an impressive recovery of 13% over the past week as the broader crypto market rebounds.

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 decreased by 56% over the past 24 hours — dropping from 11,115 to 4,827 unique transactions per day.

The declining whale activity shows that the asset’s price has surged with the help of small investors with a very low chance of whale market manipulation.

On the other hand, data from the market intelligence platform shows that the ETH total open interest has been consistently rising over the past week — surging from $6.04 billion on July 8 to $6.97 billion at the reporting time. 

The heightened open interest usually brings high price volatility due to increased liquidations. As the Ethereum price hiked, per Coinglass data, the amount of ETH liquidations reached $24 million — $5 million in long and almost $19 million in short positions.

Quite similarly, the ETH Relative Strength Index (RSI) has also been constantly surging since July 7. According to data from Santiment, Ethereum’s RSI is currently hovering at the 50 mark, showing that the asset is in good condition for a potential price surge.