ethereum (eth) price surge after a week of bearish momentum has triggered increased whale activity.
eth is up 5% over 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 increase comes after ethereum recorded a 10.7% drop over the past seven days.
<img decoding="async" width="1024" height="347" src="https://crypto.news/app/uploads/2024/07/ethereum–eth-12.52.08-09-Jul-2024-1024×347.png” alt=”ethereum whale activity surges amid 5% price increase – 1″/>
Additionally, eth’s daily trading volume saw a 46% surge, reaching $21 billion. At the moment, ethereum is still 37% below its all-time high of $4,891 in November 2021.
According to data provided by Santiment, the number of whale transactions consisting of at least $100,000 worth of eth increased by 74.5% in the past 24 hours, rising from 2,995 to 5,223 unique 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 plummeted from $7.76 billion on July 2 to $6.01 billion at the time of reporting. Open interest plummeted significantly due to a large number of liquidations over the past seven days.
Despite increasing whale activity and ethereum trading volume, its declining open interest could indicate lower price volatility due to decreased liquidations at this price point.
Data from the market intelligence platform shows that eth’s relative strength index (RSI) is currently at 34. The indicator suggests that ethereum is still oversold under the current market conditions.
One of the key drivers of the recent bullish momentum across the market is the $295 million inflows into bitcoin (btc) spot ETFs, which are helping the btc price stay above the $57,000 mark.
