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.

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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 …