Ethereum Hits $3.5K as Exchange Supply Reaches 34-Month High

The supply of Ethereum (ETH) on exchanges has hit a 34-month high as the asset's price exceeds $3,500. ETH is up by 2.3% in the past 24 hours, trading at $3,490 at the time of writing, with an intraday peak of $3,517 earlier today.

Santiment data reveals that the exchange supply has reached 19.52 million ETH, a level not seen since September 2021.

Additionally, market intelligence data shows a 12% drop in whale transactions over the past day, decreasing from 8,730 to 7,629 transactions.

This suggests the rising exchange supply is due to smaller deposits rather than large whale movements.

The ETH Relative Strength Index (RSI) is around 60, indicating slight overbought conditions but not critical, given Ethereum's large market cap.

A key factor behind the price surge is the anticipation of spot ETH ETFs launching in the U.S. on July 23.

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