Ethereum (ETH) has reached a significant milestone, with its price surpassing the $3,500 mark. As of the time of writing, ETH is trading at $3,490, reflecting a 2.3% increase over the past 24 hours. Earlier today, the second-largest cryptocurrency by market cap, which stands at $419 billion, briefly touched an intraday high of $3,517.

Data from Santiment reveals that the supply of Ethereum on exchanges has surged to a 34-month high, reaching 19.52 million ETH. This level of supply was last observed in September 2021, when Ethereum was trading at a similar price.

Decline in Whale Transactions

Interestingly, while the supply on exchanges has increased, the number of whale transactions has decreased. Over the past day, whale transactions have dropped by 12%, falling from 8,730 to 7,629 unique transactions per day. This suggests that the rise in exchange supply is driven by smaller deposits rather than large transactions by major holders.

Ethereum’s daily trading volume has also seen a notable increase, surging by 7.6% to reach $19.8 billion. Meanwhile, the Relative Strength Index (RSI) for ETH is currently hovering around the 60 mark. This indicates that Ethereum is slightly overbought but is not in a critical position, given its large market capitalization.

Anticipation of Spot ETH ETFs

One of the key factors driving the recent surge in Ethereum’s price is the anticipation of spot ETH Exchange-Traded Funds (ETFs) in the United States. These investment products are expected to start trading on July 23, generating significant interest and optimism among investors.

Ethereum’s recent performance highlights a dynamic market environment, with increased trading activity and anticipation of new investment products driving its price movements.