Ethereum price surges despite market chaos
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Cryptocurrency markets fell following false news about a Bitcoin (BTC) exchange-traded fund (ETF), but Ethereum (ETH) recorded gains despite bearish market sentiment.
ETH has gained 3% in the past 24 hours and is trading at $2,380 at the time of writing. The second-largest cryptocurrency is even approaching the $2,400 mark as the U.S. Securities and Exchange Commission’s hacked X account announced its approval of a spot BTC ETF.
Ethereum’s market capitalization remains above $286 billion, with daily trading volume of $17.1 billion.
According to data provided by Santiment, whale transactions worth at least $100,000 in ETH surged 7.9% in the past day – from 5,790 transactions to 6,242 in 24 hours.
On the other hand, Ethereum’s relative strength index (RSI) is currently hovering around 59, according to Santiment. This indicator suggests that ETH remains well positioned for a further potential rebound.
While increased whale activity indicates greater price volatility, Ethereum may still maintain its current price point if the RSI remains below the 60 mark.
Following the price surge, Ethereum’s open interest (OI) increased by 4% in the past 24 hours, from $3.75 billion to $3.9 billion, according to data from the market intelligence platform.
