Ethereum
Ethereum at $3,500, exchange supply hits 34-month high
Ethereum (ETH) supply on exchanges has hit 34-month highs as the asset’s price surpasses the $3,500 mark.
ETH Bitcoin’s price has increased by 2.3% in the past 24 hours and is trading at $3,490 at the time of writing. The second-largest cryptocurrency, with a market cap of $419 billion, briefly hit an intraday high of $3,517 earlier today.
ETH Price, Whale Activity, RSI and Supply on Exchanges – July 17 | Source: Santiment
Ethereum’s daily trading volume also increased by 7.6%, reaching $19.8 billion.
According to data provided by Santiment, Ethereum’s supply on exchanges has reached $19.52 million ETH. This level was last seen in September 2021, when the asset was trading at around the same price.
On the other hand, data from the market intelligence platform shows that the number of whale transactions dropped by 12% over the past day, from 8,730 to 7,629 unique transactions per day.
The move shows that Ethereum supply on exchanges has increased with small deposits rather than large whale transactions.
Additionally, ETH’s Relative Strength Index (RSI) is currently hovering around 60, according to Santiment. The indicator shows that Ethereum is slightly overbought at this price level, but may not be in a critical position due to its large market cap.
One of the major price factors driving the Ethereum price surge is expectations for ETH spot. AND F In the United States, investment products are scheduled to start trading July 23.