Ether experienced a significant increase in accumulation by long-term holders following a 2% price drop in just 24 hours, marking one of its most substantial days for accumulation to date.
In a post on June 13, CryptoQuant’s head of research, Julio Moreno, noted that Ethereum demand had surged, with permanent holders making the second-highest purchases on record the day before. A total of 298,000 Ether tokens were acquired by accumulation addresses on June 12, amounting to approximately $1.34 billion at the time of reporting. This acquisition was only 6% lower than the record set on September 11, 2023, when long-term holders bought 317,000 Ether as prices dipped below $1,600.
Despite Ether’s 8.49% price decline over the past week, dropping below $3,800 on June 8 and struggling to recover, it managed to stay above $3,400 during this period, according to CoinMarketCap data. Currently, Ether is trading at $3,472, with analysts noting that the $3,500 level has been a tough resistance point for ETH bulls, as observed on June 11. Furthermore, past price movements suggest that falling below $3,500 may result in further downside, similar to the April 11 drop that led to a 25% decline, hitting a low of $2,814 by May 2.
In other news, the chair of the United States Securities and Exchange Commission (SEC) hinted at possible approval for spot Ether exchange-traded funds (ETFs) for trading before the end of September. SEC Chair Gary Gensler mentioned during a Senate Banking Committee hearing on June 13 that final approvals for spot Ether ETFs could be granted within the next three months. The SEC had previously given preliminary regulatory approval for spot Ether ETFs in the U.S. by approving 19b-4 filings from eight applicants on May 23, with trading pending approval of S-1 registration statements.
It is important to note that this article does not provide investment advice. All investment decisions carry risks, and readers are advised to conduct their own research before making any financial decisions.