Ether (ETH) has recently experienced a significant increase in accumulation by long-term holders, capitalizing on a 2% price drop within a 24-hour period.
According to Julio Moreno, head of research at CryptoQuant, Ethereum demand has surged, with permanent holders making the second-highest purchase on record on June 13. Moreno noted that accumulation addresses acquired 298,000 Ether tokens on June 12, valued at approximately $1.34 billion at the time.
This acquisition amount was only 6% lower than the all-time high seen on September 11, 2023, when long-term holders bought 317,000 Ether as the price dipped below $1,600.
Despite an 8.49% price decline in the past week, with Ether falling below $3,800 on June 8, it has managed to stay above $3,400. Currently, Ether is trading at $3,472.
Historical price trends suggest that the $3,500 mark poses a strong resistance for ETH bulls, as seen in previous patterns. Cointelegraph reported that a drop below $3,500 on April 11 led to a 25% decline, reaching a low of $2,814 by May 2.
In other news, the chair of the United States Securities and Exchange Commission (SEC) hinted at the potential approval of spot Ether exchange-traded funds (ETF) for trading by the end of September.
During a Senate Banking Committee hearing on June 13, SEC Chair Gary Gensler suggested that final approvals for listing and trading spot Ether ETF shares could be granted within three months. The SEC had previously granted preliminary regulatory approval for spot Ether ETFs in the U.S. on May 23, approving 19b-4 filings from eight applicants. However, trading can only commence once S-1 registration statements are also approved.