Ethereum at $3.5k, supply on exchanges reaches 34-month high

Ethereum (ETH) supply on exchanges has reached a 34-month peak as the asset’s price surpassed $3,500.

ETH is up 2.3% over the past 24 hours and is trading at $3,490 at press time. The second-largest cryptocurrency with a market cap of $419 billion briefly touched a daily high of $3,517 earlier today.

ETH price, whale activity, RSI and supply on exchanges – July 17 | Source: Santiment

Ethereum’s daily transaction volume also increased by 7.6 percent, reaching $19.8 billion.

According to data provided by Santiment, the supply of Ethereum on exchanges has reached 19.52 million ETH. This level was last seen in September 2021, when the asset was traded around the same price.

On the other hand, according to data from the market intelligence platform, the number of whale transactions decreased by 12 percent in the last day, from 8,730 to 7,629 per day.

This move suggests that the supply of Ethereum on exchanges is increasing through small deposits rather than large whale transactions.

Additionally, ETH’s Relative Strength Index (RSI) is currently trading at 60, according to Santiment. The indicator suggests that Ethereum is slightly overbought at this price point but may not be in a critical position due to its large market capitalization.

One of the key drivers behind Ethereum’s price rally is the prospects for spot ETH ETFs in the U.S. The investment products are scheduled to begin trading on July 23.