The Ethereum (ETH) supply on exchanges has reached a 34-month high as the asset’s price surges past $3,500. ETH is currently trading at $3,490 with a market cap of $419 billion, having briefly touched $3,517 earlier today.
Ethereum’s daily trading volume increased by 7.6%, reaching $19.8 billion. Data from Santiment indicates that the exchange supply hit 19.52 million ETH, levels last seen in September 2021. Meanwhile, whale transactions decreased by 12%, suggesting the rise in supply is driven by smaller deposits.
The ETH Relative Strength Index (RSI) is around 60, showing it to be slightly overbought yet stable due to its large market cap. A key driver of this price surge is the anticipation of spot ETH ETFs in the U.S., set to begin trading on July 23.
This development marks a significant milestone, highlighting Ethereum’s growing market presence and potential long-term gains.
