As a seasoned cryptocurrency market analyst with over a decade of experience, I have seen my fair share of market fluctuations and trends. The recent surge in Ethereum (ETH) price and the concurrent increase in the Ethereum supply on exchanges is a development that piques my interest.
The Ethereum (ETH) supply held on exchanges has peaked at a 34-month maximum as the value of the asset exceeds $3,500.
In the last 24 hours, Ether (ETH) has experienced a 2.3% increase in value and is currently being exchanged at approximately $3,490. The digital currency holding the second-largest market capitalization, worth around $419 billion, reached a peak intraday price of $3,517 earlier today.
Ethereum’s daily trading volume also surged by 7.6%, reaching $19.8 billion.
Based on information from Santiment, the Ethereum supply held on exchanges amounts to approximately $19.52 million worth of ETH. This figure was previously attained in September 2021, coinciding with similar Ethereum prices.
The data obtained from the market intelligence platform indicates a decline of 12% in the number of whale transactions day-over-day. This means that there were 8,730 unique transactions reported yesterday compared to only 7,629 transactions recorded the previous day.
The trend indicates that smaller deposits have been driving the increase in Ethereum supply on exchanges, as opposed to large transactions by “whales.”
As a crypto investor, I’m keeping an eye on Ethereum’s Relative Strength Index (RSI) according to Santiment’s data. At the moment, the RSI for Ethereum is around 60. This suggests that Ethereum is slightly overbought at its current price point. However, given its large market capitalization, it may not be in a critical position yet despite being overbought.
As a researcher studying the Ethereum market, I’ve discovered that one significant factor fueling the recent price increase is the impending launch of ETH-backed exchange-traded funds (ETFs) in the United States. These investment vehicles are set to debut on July 23, and the anticipation surrounding their arrival has injected a wave of excitement into the Ethereum community.
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2024-07-17 11:12