Ethereum’s price surges despite the market-wide chaos

The crypto market witnessed decline after false news about a Bitcoin (BTC) exchange-traded funds (ETF), but despite bearish sentiment in the market, Ethereum (ETH) posted gains.

ETH gained 3% in the past 24 hours and is trading at $2,380 at the time of writing. The second-largest cryptocurrency even got close to the $2,400 mark as the hacked X account of the U.S. Securities and Exchange Commission announced the approval of a spot BTC ETF.

Ethereum’s market cap is holding strong above $286 billion with a daily trading volume of $17.1 billion.

According to data provided by Santiment, whale transactions consisting of at least $100,000 worth of ETH surged by 7.9% over the past day — rising from 5,790 to 6,242 unique transactions in 24 hours. 

On the other hand, Ethereum’s Relative Strength Index (RSI) is currently hovering around 59, per Santiment. The indicator suggests that ETH is still in a good position for a further potential rally. 

While the increased whale activity suggests high price volatility, Ethereum could still hold its current price point if the RSI stays below the 60 mark. 

Following the price surge, according to the market intelligence platform, Ethereum’s total open interest (OI) increased by 4% over the past 24 hours — rising from $3.75 billion to $3.90 billion.