The price of ETH has increased by 4.4% in the past 24 hours and is currently at $3,350. Data provided by Santiment indicates a significant decrease in the number of whale transactions, dropping from 11,115 to 4,827 unique transactions per day, reflecting a decrease of 56%. This suggests that the surge in ETH’s price has been supported by smaller investors, with less likelihood of manipulation by large entities. Conversely, data from the market intelligence platform reveals a consistent rise in ETH’s total open interest over the past week, growing from $6.04 billion on July 8 to $6.97 billion currently.
Higher open interest typically leads to increased price volatility due to more liquidations. Santiment’s data indicates that Ethereum’s Relative Strength Index (RSI) is currently hovering around the 50 mark, indicating that the asset is in a favorable condition for a potential price surge. This suggests that the market is well-positioned for potential price movements.
