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 a post by Julio Moreno, head of research at CryptoQuant on June 13, Ethereum demand has surged, with accumulation addresses acquiring 298,000 Ether tokens on June 12, amounting to approximately $1.34 billion. This acquisition was only 6% lower than the record set on Sept. 11, 2023, when long-term holders purchased 317,000 Ether as the price dropped below $1,600.
Despite Ether’s 8.49% price decline over the past week, dropping below $3,800 on June 8, it has managed to stay above $3,400. As of the latest data from CoinMarketCap, Ether is currently trading at $3,472. The $3,500 mark has proven to be a strong resistance level for ETH bulls, as observed in previous price actions.
Looking ahead, there is speculation that the price may continue to face downward pressure, as seen in a similar drop below $3,500 in April, which resulted in a 25% decline reaching a low of $2,814 by May 2.
In other news, the United States Securities and Exchange Commission (SEC) Chair has suggested that spot Ether exchange-traded funds (ETF) could receive final approval for trading by the end of September. This announcement follows the SEC’s preliminary regulatory approval for spot Ether ETFs in the U.S. on May 23.
It is important to note that this article is for informational purposes only and does not constitute investment advice. Readers are encouraged to conduct their own research and exercise caution when making investment decisions.