The price of Ethereum has experienced a surge despite the chaotic market conditions. The cryptocurrency market has been facing turmoil, but Ethereum has managed to defy the odds and increase in value. This is significant news for investors and enthusiasts alike.
ETH gained 3% in the past 24 hours and is trading at $2,380 at the time of writing. The second-largest cryptocurrency even got close to the $2,400 mark as the hacked X account of the U.S. Securities and Exchange Commission announced the approval of a spot BTC ETF.
According to data provided by Santiment, whale transactions consisting of at least $100,000 worth of ETH surged by 7.9% over the past day — rising from 5,790 to 6,242 unique transactions in 24 hours. On the other hand, Ethereum’s Relative Strength Index (RSI) is currently hovering around 59, per Santiment. The indicator suggests that ETH is still in a good position for a further potential rally
While the increased whale activity suggests high price volatility, Ethereum could still hold its current price point if the RSI stays below the 60 mark. Following the price surge, according to the market intelligence platform, Ethereum’s total open interest (OI) increased by 4% over the past 24 hours — rising from $3.75 billion to $3.90 billion.
Despite the overall chaos in the market, Ethereum’s price surge is a positive development. It demonstrates the resilience and potential of this cryptocurrency. As the market continues to evolve, Ethereum is poised to play a significant role in shaping the future of finance.
