The second-largest cryptocurrency, with a $419 billion market cap, briefly reached an intraday high of $3,517 earlier today. Data from Santiment reveals that the Ethereum supply on exchanges has reached 19.52 million ETH, a level last seen in September 2021 when the asset was trading around the same price.
In contrast, market intelligence platform data indicates that the number of whale transactions dropped by 12% over the past day, falling from 8,730 to 7,629 unique transactions per day. This suggests that the Ethereum supply on exchanges has been increasing with small deposits, rather than large whale transactions.
Additionally, the ETH Relative Strength Index (RSI) is currently hovering around the 60 mark, according to Santiment. The RSI suggests that Ethereum is slightly overbought at its current price point, but may not be in a critical position due to its large market capitalization.