Ethereum Soars to 35k as Exchange Supply Hits Highest Level in 34 Months
The supply of Ethereum (ETH) on cryptocurrency exchanges has reached its highest level in 34 months as the price of the asset surpasses $3,500. At the time of writing, ETH is up 2.3% in the past 24 hours and is trading at $3,490. It briefly reached a high of $3,517 earlier today. The daily trading volume of Ethereum has also seen a significant increase of 7.6%, reaching $19.8 billion.
Data from Santiment reveals that the supply of Ethereum on exchanges has reached 19.52 million ETH, a level not seen since September 2021 when the asset was trading at a similar price. Interestingly, the number of whale transactions has decreased by 12% in the past day, indicating that the increase in Ethereum supply on exchanges is predominantly driven by small deposits rather than large transactions.
Furthermore, Santiment reports that the ETH Relative Strength Index (RSI) is currently at around 60, suggesting that Ethereum is slightly overbought at its current price but is not in a critical position due to its large market capitalization.
The surge in the price of Ethereum is largely attributed to the anticipation of spot ETH ETFs launching in the United States on July 23. These investment products are expected to have a significant impact on the price of Ethereum.
In other news, there is speculation about the price of Hamster Kombat tokens at launch.
