The Ethereum (ETH) provide on exchanges has reached its 34-month highs because the asset’s price surpasses the $3,500 mark.

ETH is up by 2.3% prior to now 24 hours and is buying and selling at $3,490 on the time of writing. The second-largest cryptocurrency — with a $419 billion market cap — briefly touched an intraday excessive of $3,517 earlier right now.

Ethereum’s every day buying and selling quantity additionally surged by 7.6%, reaching $19.8 billion.

Based on information offered by Santiment, the Ethereum provide on exchanges has reached $19.52 million ETH. This stage was final seen in September 2021 when the asset was buying and selling across the identical price.

However, information from the market intelligence platform exhibits that the variety of whale transactions plunged by 12% over the previous day — falling from 8,730 to 7,629 distinctive transactions per day.

The motion exhibits that the Ethereum provide on exchanges has been rising with small deposits reasonably than giant whale transactions.

Furthermore, the ETH Relative Energy Index (RSI) is at present hovering on the 60 mark, per Santiment. The indicator exhibits that Ethereum is barely overbought at this price level however won’t be in a important place on account of its giant market capitalization. 

One of many important price drivers behind the Ethereum price surge is the expectations of spot ETH ETFs within the U.S. The funding merchandise are scheduled to begin buying and selling on July 23.