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

While there has been a significant decrease in the daily transactions of Ethereum (ETH) whales in the last day, there has been an increase in the price of the asset.

ETH is up 4.4% in the last 24 hours and is trading at $3,350 at press time. The second-largest cryptocurrency has seen an impressive 13% rally in the past week as the broader crypto market recovers.

ETH price, whale activity, open interest and RSI – July 15 | Source: Santiment

Ethereum’s current market value is $400 billion, with a daily trading volume of $12.7 billion.

According to data provided by Santiment, the number of whale transactions involving at least $100,000 worth of ETH decreased by 56% in the last 24 hours, falling from 11,115 to 4,827 per day.

The decline in whale activity suggests that the asset’s price is rising with the help of small investors, with a very low probability of whale market manipulation.

On the other hand, data from the market intelligence platform shows that ETH total open interest has been increasing steadily over the past week; the level, which was $6.04 billion on July 8, rose to $6.97 billion at the reporting date.

Rising open interest usually brings higher price volatility due to increased liquidations. As the Ethereum price rose, the amount of ETH liquidations reached $24 million — $5 million in long positions and nearly $19 million in short positions, according to Coinglass data.

Similarly, ETH’s Relative Strength Index (RSI) has also been steadily rising since July 7. According to data from Santiment, Ethereum’s RSI is currently hovering around the 50 level, suggesting that the asset is well-positioned for a potential price rally.