Ethereum whale transactions halve as price hits $3,300

ethereum (eth) daily whale transactions saw a notable decline over the past day while the asset’s price increased.

eth is up 4.4% over the past 24 hours and is trading at $3,350 at the time of writing. The second-largest cryptocurrency has seen an impressive 13% rally over the past week as the broader cryptocurrency market recovers.

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, falling from 11,115 to 4,827 unique transactions per day.

The decrease in whale activity shows that the asset price has increased with the help of small investors with a very low probability of market manipulation by whales.

On the other hand, data from the market intelligence platform shows that eth’s total open interest has been steadily increasing over the past week, rising from $6.04 billion on July 8 to $6.97 billion at the time of reporting.

Rising open interest typically leads to high price volatility due to increased liquidations. As the price of ethereum rose, according to Coinglass dataThe amount of eth liquidations reached $24 million: $5 million in long positions and almost $19 million in short positions.

Similarly, eth’s Relative Strength Index (RSI) has also been steadily increasing since July 7. According to data from Santiment, ethereum’s RSI is currently hovering around the 50 mark, showing that the asset is in good condition for a potential price increase.