Ether (ETH) Demand From Long-Term Holders Surges Despite Price Drop, Signaling Confidence

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.

Demand for ether (ETH) among long-term holders rose sharply on June 12, leading to a 2% price decline, according to data from Crypto Quant.

As reported by Julio Moreno, ether quickly reached a peak of 298,000 among long-term holders, valued at $1.34 billion at the time. This marks a significant increase compared to the previous high of 317,000 ether, which was hit by long-term holders at the $1,600 level on September 11, 2023.

Ether has traded above $3,400 for the past week, despite a price drop of 8.49%. The $3,500 level has posed a strong resistance for ETH bulls. Notably, a previous drop below $3,500 occurred in April 2024, leading to a decline of over 25% to $2,814 by May 2.

In related developments, US Securities and Exchange Commission (SEC) Chair Gary Gensler hinted at the possibility of spot ether exchange-traded funds (ETFs) receiving final approval for trading by the end of September.

The SEC had previously granted preliminary regulatory approval for ether spot ETFs in the US, pending the approval of S-1 registration statements.

Highlighting the broader context, the accumulation of ether by long-term holders despite recent price decreases reflects their continued confidence in the cryptocurrency. Moreover, the potential approval of spot ether ETFs could generate further interest from investors in this domain. Stay tuned for further updates as the crypto landscape continues to evolve.

News source：https://www.kdj.com/cryptocurrencies-news/articles/ether-eth-demand-term-holders-surges-price-drop-signaling-confidence.html

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