Investors strategically capitalized on a 2% price drop in Ethereum over 24 hours, leading to its second-highest day in long-term holder accumulation.
CryptoQuant’s head of research, Julio Moreno, highlighted in a June 13 X post that 298,000 Ether tokens, worth approximately $1.34 billion, were purchased by accumulation addresses on June 12. This amount was just 6% below the record set on September 11, 2023, when 317,000 Ether were bought as the price dipped below $1,600.
The 8.49% price decline in Ether over the past week drove this buying activity, with Ether trading at $3,472 as per CoinMarketCap data, after dipping below $3,800 on June 8 and struggling to recover while staying above $3,400.
This price level around $3,500 has historically been a significant resistance point for Ether, with past price action in this range leading to further declines, such as a similar dip below $3,500 on April 11 resulting in a 25% drop to $2,817 by May 2.
During a Senate Banking Committee hearing on June 13, SEC Chair Gary Gensler hinted that spot Ether ETFs could receive final approval for trading by the end of summer, with the SEC potentially signing off on the approvals within three months.
The SEC granted preliminary regulatory approval for spot Ether ETFs on May 23, approving 19b-4 filings from eight applicants. However, trading can only begin once the S-1 registration statements are also approved.
This surge in long-term holder activity and potential regulatory advancements indicate a pivotal moment for Ether and its investors.
