The Ethereum (ETH) supply on exchanges has reached its highest point in 34 months as the asset’s price surpasses the $3,500 mark. Currently, ETH is up by 2.3% in the past 24 hours and is trading at $3,490. The second-largest cryptocurrency, boasting a market cap of $419 billion, briefly touched an intraday high of $3,517 earlier today.

Ethereum’s daily trading volume surged by 7.6%, reaching $19.8 billion.

Recent Ethereum Market Data

According to data from Santiment, the Ethereum supply on exchanges has reached 19.52 million ETH. This level was last seen in September 2021 when the asset was trading around a similar price.

However, the number of whale transactions has decreased by 12% over the past day, dropping from 8,730 to 7,629 unique transactions. This indicates that the rising Ethereum supply on exchanges is primarily due to small deposits rather than large whale transactions.

Key Indicators

The ETH Relative Strength Index (RSI) is currently around the 60 mark, suggesting that Ethereum is slightly overbought. Despite this, its large market capitalization means it might not be in a critical position.

Market Drivers

One of the main drivers behind the recent Ethereum price surge is the anticipation of spot ETH ETFs in the U.S., which are expected to start trading on July 23.

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