The Ethereum (ETH) supply on exchanges has reached its 34-month highs as the asset’s price surpasses the $3,500 mark.

ETH is up by 2.3% in the past 24 hours and is trading at $3,490 at the time of writing. The second-largest cryptocurrency — with a $419 billion market cap — briefly touched an intraday high of $3,517 earlier today.

Ethereum’s daily trading volume also surged by 7.6%, reaching $19.8 billion.

According to data provided by Santiment, the Ethereum supply on exchanges has reached $19.52 million ETH. This level was last seen in September 2021 when the asset was trading around the same 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.

The movement shows that the Ethereum supply on exchanges has been rising with small deposits rather than large whale transactions.

Moreover, the ETH Relative Strength Index (RSI) is currently hovering at the 60 mark, per Santiment. The indicator shows that Ethereum is slightly overbought at this price point but might not be in a critical position due to its large market capitalization. 

One of the main price drivers behind the Ethereum price surge is the expectations of spot ETH ETFs in the U.S. The investment products are scheduled to start trading on July 23.