Market turmoil fails to dampen surge in s’s price.
The cryptocurrency market experienced a decline due to false rumors surrounding the approval of a Bitcoin exchange-traded fund (ETF). However, Ethereum managed to defy the bearish sentiment and recorded gains.
In the last 24 hours, ETH saw a 3% increase and is currently trading at $2,380. It even came close to reaching the $2,400 milestone when the hacked X account of the U.S. Securities and Exchange Commission falsely announced the approval of a spot BTC ETF.
Ethereum’s market capitalization remains strong above $286 billion, with a daily trading volume of $17.1 billion.
Data from Santiment reveals that whale transactions involving ETH worth at least $100,000 surged by 7.9% in the past day. The number of unique transactions increased from 5,790 to 6,242 within 24 hours.
Meanwhile, Santiment’s Relative Strength Index (RSI) for Ethereum currently stands at around 59. This indicates that ETH is still in a favorable position for a potential rally.
Although the increased whale activity suggests high price volatility, Ethereum may be able to maintain its current price level as long as the RSI remains below the 60 mark.
Following the price surge, Ethereum’s total open interest (OI) rose by 4% in the last 24 hours, reaching $3.90 billion from $3.75 billion.
Jim Cramer, a well-known financial commentator, has recently changed his stance on Bitcoin and now believes that it is reaching its peak.
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