Chair

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. 
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 Ethereum demand has spiked. Buying by permanent holders was the second highest on record yesterday: 298K ETH. The record daily buying was last September 11: 317K ETH. <a href="https://t.co/0qMVpNU8ht" target="_blank">pic.twitter.com/0qMVpNU8ht</a>— Julio Moreno (@jjcmoreno) <a href="https://twitter.com/jjcmoreno/status/1801334325188735048?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 13, 2024</a>
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The 8.49% price decline in Ether over the past week drove this buying activity, with Ether trading at $3,472 as per <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noreferrer noopener">CoinMarketCap data</a>, 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 <a href="https://www.cryptotimes.io/2024/06/14/sec-chair-gensler-signals-potential-ether-etf-approval-by-summer-end/" target="_blank" rel="noreferrer noopener">spot Ether ETFs could receive final approval</a> for trading by the end of summer, with the SEC potentially signing off on the approvals within three months. 
The SEC granted preliminary regulatory <a href="https://www.cryptotimes.io/2024/05/24/sec-finally-approves-ethereum-spot-etfs/" target="_blank" rel="noreferrer noopener">approval for spot Ether ETFs</a> 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.

Ethereum’s 2% Price Drop Spurs Second-Biggest Buying Day

The Crypto Times

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