Record Accumulation:
Ether (ETH) demand seamlessly jumped among permanent holders on June 12, which triggered a 2% price falloff (1). The analysts at Crypto Quant as cited in Julio Moreno revealed that total holders took up over 298,000 ether within one day translating to around $1.34 billion then. This acquisition was just slightly less than the previous peak of 317,000 ether bought by long-term stakeholders at $1, 600 level that was hit on September 11, 2023 according to Julio Moreno.
Ether has remained above $3,400 for the entire last week even though its price dropped by 8.49%. But $3,500 still remains a significantly very strong resistance level for ETH bull. Worth mentioning is that there was a similar fall below $3,500 back in April 2024 which led to a 25% decline all the way down to $2,814 by May 2nd.
SEC’s Regulatory Outlook:
Gary Gensler who is the head of the US Securities and Exchange Commission (SEC) alluded that spot Ether exchange-traded funds (ETFs) might get final nods for trading by the end of September in related developments. Previously the commission had given tentative regulatory go ahead for spot Ether ETFs in the country awaiting approval of S-1 registration statement12.
Long-term holders' gaining more Ether reflects that they have even more trust in cryptocurrency even with falling prices recently. Furthermore, possible authorization of spot Ether ETFs may stimulate additional interest from investors within that field. Watch what next is ahead because the crypto environment is changing!
In summary, despite recent price fluctuations, Ether (ETH) remains resilient. Long-term holders acquired 298,000 Ether tokens within 24 hours, signaling confidence in the cryptocurrency. The $3,500 level continues to challenge ETH bulls, while regulatory prospects for spot Ether exchange-traded funds (ETFs) look promising.
