Ethereum

Memecoin

Chair

when

<ul>
 <li>Buying by permanent holders was the second highest it has ever been as per CryptoQuant.</li>
 <li>The previous record was set in September 2023, when long-term holders purchased 317,000 ETH.</li>
</ul>
Following a recent price dip, <a href="https://thenewscrypto.com/sec-chair-gensler-anticipates-ethereum-spot-etf-approval-this-summer/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a> (ETH) had one of its most significant days for long-term holder accumulation. Demand for Ethereum has skyrocketed. In a post on June 13th, <a href="https://cryptoquant.com/" target="_blank" rel="noopener noreferrer nofollow">CryptoQuant’s</a> chief of research Julio Moreno said that buying by permanent holders was the second highest it has ever been.
According to Moreno, accumulating addresses bought 298,000 Ether tokens in a single day on June 12—worth around $1.34 billion as of this writing. The previous record was set on September 11, 2023. This happened when long-term holders purchased 317,000 Ether when the price dropped below $1,600; the quantity acquired was only 6% lower.
<h3 class="wp-block-heading" id="h-highly-anticipated-approval">Highly Anticipated Approval</h3>
The demand surge is happening despite the fact that the price of Ether has fallen 7.72% in the last seven days. Despite failing to recover from its June 8 plunge below $3,800, the price has maintained a level over $3,400 during the duration, as per <a href="http://coinmarketcap.com" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>. At the time of writing, ETH is trading at $3,517, up 0.82% in the last 24 hours.
Based on previous market activity, ETH bulls could expect to encounter strong resistance around $3,500. Some have speculated that this is only the beginning of a precipitous fall. A comparable plunge below $3,500 on April 11 sparked a 25% slide that eventually hit a low of $2,814 on May 2.
In the meanwhile, the US SEC chair has dropped hints that spot Ethereum ETFs would get final trading approval before September comes to a close. During a Senate Banking Committee hearing on June 13, SEC Chair <a href="https://thenewscrypto.com/u-s-sec-chair-gary-gensler-opposes-fit21-act-warns-of-risks/" target="_blank" rel="noopener noreferrer nofollow">Gary Gensler</a> told lawmakers that the agency might approve the listing and trading of spot Ether ETFs within three months.
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Ethereum Sees Record Long-Term Holder Accumulation Amid Price Dip

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