According to CryptoQuant, buying by long-term holders of Ethereum (ETH) reached its second highest level ever. The previous record was set in September 2023, when these holders purchased 317,000 ETH. Despite a recent price dip, Ethereum saw significant accumulation by long-term holders, with demand soaring. On June 13th, CryptoQuant’s chief of research Julio Moreno stated that buying by permanent holders was at its second highest level. Moreno revealed that accumulating addresses acquired 298,000 Ether tokens in a single day on June 12, valued at around $1.34 billion. This surpassed the previous record set on September 11, 2023, when long-term holders bought 317,000 Ether when the price dropped below $1,600, a mere 6% lower in quantity.
Despite a 7.72% decrease in Ether’s price over the past week, demand remains strong. Although the price has not recovered from its drop below $3,800 on June 8, it has stayed above $3,400, according to CoinMarketCap. Currently, ETH is trading at $3,517, showing a 0.82% increase in the last 24 hours.
Based on past market trends, resistance is expected around the $3,500 mark for ETH bulls. Some believe that this could be the start of a significant decline, similar to the 25% drop that occurred when the price fell below $3,500 on April 11, hitting a low of $2,814 by May 2.
Meanwhile, US SEC Chair Gary Gensler hinted during a Senate Banking Committee hearing on June 13 that spot Ethereum ETFs could receive final trading approval by the end of September. This news comes amidst ongoing battles in the Solana Memecoin Wars involving Andrew Tate’s DADDY and Iggy’s MOTHER.
