The Ethereum (ETH) supply on exchanges has reached its 34-month highs as the asset’s tag surpasses the $3,500 mark.
ETH is up by 2.3% within the past 24 hours and is trading at $3,490 at the time of writing. The 2nd-absolute top cryptocurrency — with a $419 billion market cap — swiftly touched an intraday excessive of $3,517 earlier as of late.
Ethereum’s each day trading volume moreover surged by 7.6%, reaching $19.8 billion.
Based on records equipped by Santiment, the Ethereum supply on exchanges has reached $19.52 million ETH. This stage became as soon as absolute top viewed in September 2021 when the asset became as soon as trading across the identical tag.
On the opposite hand, records from the market intelligence platform reveals that the replace of whale transactions plunged by 12% over the final day — falling from 8,730 to 7,629 unfamiliar transactions per day.
The motion reveals that the Ethereum supply on exchanges has been rising with tiny deposits rather then excellent whale transactions.
Furthermore, the ETH Relative Strength Index (RSI) is currently hovering at the 60 mark, per Santiment. The indicator reveals that Ethereum is a tiny bit overbought at this tag level however may well well well no longer be in a serious location as a result of its excellent market capitalization.
One in every of the foremost tag drivers within the support of the Ethereum tag surge is the expectations of aim ETH ETFs within the U.S. The funding merchandise are scheduled to launch trading on July 23.
