Ethereum’s supply (ETH), which is traded on the exchanges, has reached a record-high of 34 months as its value surpasses $3500.
ETH During the writing of this article, the price is $3490. This is an increase of 2.3% over the last 24 hours. The second-largest cryptocurrency — with a $419 billion market cap — briefly touched an intraday high of $3,517 earlier today.
Ethereum’s daily trade volume has also increased by 7.6% to $19.8 billion.
Santiment has provided data that shows the Ethereum exchange supply is now at $19.52 millions ETH. The last time this level was reached was in September 2021, when the asset traded at a similar price.
On the other hand, data from the market intelligence platform shows that the number of whale transactions plunged by 12% over the past day — falling from 8,730 to 7,629 unique transactions per day.
This movement indicates that Ethereum has been gaining in supply due to small deposits and not large transactions.
Moreover the ETH Relative Strength Index(RSI) hovers at 60, as per Santiment. This indicator indicates that Ethereum’s price is a little overbought, but it might not be in an extremely critical situation due to the large capitalization of its market.
The price of Ethereum is driven by the demand for spot ETH. ETFs The investment products are available in the U.S. Investments are made in investment products. scheduled to start trading On July 23,
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Source: crypto.news