ETH has risen by 5% in the past 24 hours, trading at $3,065 at the time of writing. The asset’s market cap currently stands at $368 billion. This price surge follows a 10.7% drop over the past seven days.
Additionally, ETH’s daily trading volume has surged by 46%, reaching $21 billion. Despite this, Ethereum is still down by 37% from its all-time high of $4,891 in November 2021.
According to data from Santiment, the number of whale transactions, each consisting of at least $100,000 worth of ETH, increased by 74.5% over the past 24 hours — rising from 2,995 to 5,223 unique transactions.
While whale activity around ETH has surged, the asset’s total open interest has been declining over the past week. Santiment reports that Ethereum's open interest fell from $7.76 billion on July 2 to $6.01 billion at the time of reporting. This significant drop in open interest is attributed to a high number of liquidations over the past seven days.
Despite the increase in Ethereum’s whale activity and trading volume, the declining open interest could indicate lower price volatility due to decreased liquidations at this price point.
Data from the market intelligence platform shows that the ETH Relative Strength Index (RSI) is currently at 34, suggesting that Ethereum is still oversold in the current market conditions.
One of the main drivers behind the recent bullish market momentum is the $295 million inflows into spot Bitcoin (BTC) ETFs, which has helped BTC maintain its price above the $57,000 mark.
