The price of Ethereum (ETH) has exceeded $3,500, leading to a surge in its supply on exchanges, reaching the highest level in 34 months. As of now, ETH has risen by 2.3% in the past day and is currently trading at $3,490. With a market capitalization of $419 billion, the second-largest cryptocurrency briefly reached a high of $3,517 earlier today.
In addition to the price increase, Ethereum’s daily trading volume has also seen a significant boost, rising by 7.6% to reach $19.8 billion.
Data provided by Santiment reveals that the supply of Ethereum on exchanges has reached 19.52 million ETH. This level was last observed in September 2021 when the asset was trading at a similar price.
Interestingly, the number of whale transactions, which are large transactions made by influential investors, has decreased by 12% in the past day. This suggests that the increase in Ethereum supply on exchanges is primarily due to smaller deposits rather than major whale transactions.
Santiment’s data also shows that the ETH Relative Strength Index (RSI) is currently around the 60 mark. While this indicates that Ethereum may be slightly overbought at its current price, its substantial market capitalization suggests that it may not be in a critical position.
One of the key factors driving the surge in Ethereum’s price is the anticipation of the introduction of spot ETH ETFs in the United States. These investment products are scheduled to commence trading on July 23.
In related news, there is speculation about the launch price of Hamster Kombat tokens.