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Ether has recently seen one of its largest days in long-term holder accumulation, presumably leveraging a 2% price decline over 24 hours. “The demand for Ethereum has surged. The second largest on record yesterday was buying by permanent holders, according to Julio Moreno, chief of research for CryptoQuant, in a June 13 X post.
Record-Breaking Accumulation by Permanent Holders
Moreno noted that over a 24-hour period on June 12, accumulating addresses bought 298,000 Ether tokens—equivalent to around $1.34 billion at the time of publication. The sum obtained was just 6% less than the September 11, 2023, record when long-term holders paid 317,000 Ether when the market dropped below $1,600.
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Ether’s 8.49% price drop over the past seven days comes alongside this rise in demand. Originally declining on June 8 below $3,800, CoinMarketCap data shows that it failed to recover but stayed over $3,400 for the month. At the time of writing, the value of Ether stood at $3,472.
Ether Faces Persistent Resistance Around $3,500
According to past price action, ETH bulls find this range around $3,500 to be rather resistant. “It might not be the end of the downside,” experts said, pointing to a comparable loss below $3,500 on April 11, which resulted in a 25% decline, with the with the lowest point being $2,814 on May 2.
SEC Chair Hints at Upcoming Approval for Spot Ether ETFs
The chair of the United States Securities and Exchange Commission (SEC) has in the in the meantime indicated that spot Ether exchange-traded funds (ETF) might get final permission for trading prior to the end of September. According to reports on June 13, Gary Gensler, the SEC Chair, projected to legislators during a Senate Banking Committee hearing that the regulator might approve the final permissions for listing and trading shares of spot Ether ETFs within three months.
On May 23, the SEC approved 19b-4 filings from eight applicants, allowing preliminary regulatory approval for spot Ether ETFs in the United States. However, trading can only commence upon the approval of the S-1 registration statements.
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