Ethereum HODLers Scoop 298,000 ETH In 24 Hours Ahead Of Spot ETF Trading
On June 12, as Ethereum prices briefly rose, Ethereum HODLers accumulated a staggering 298,000 ETH. Despite being under pressure and tumbling roughly 15% since March 2024, on-chain data suggests a bullish picture.
Surge in Ethereum Demand: A Bullish Sentiment
A notable analyst remarked on a significant spike in ETH demand, especially from permanent holders. These entities, likely institutions with deep pockets, seem prepared to withstand market volatility and hold long positions. On June 12, their purchase of 298,000 ETH marked the second-highest daily acquisition, just shy of the all-time high of 317,000 ETH on September 11, 2023.
Current Ethereum Price Analysis
At press time, Ethereum exhibits weakness, evident from daily charts. Despite a bounce on June 12, bulls couldn't fully reverse the losses experienced a day prior. With the dip on June 13, the situation favors sellers, and prices may realign towards levels noted on June 11. From the candlestick arrangement, $3,700 stands out as a resistance level. Since the June 7 breakout, ETH has been free-falling, actively filling the May 20 gap, indicating a possible re-test of $3,300 if the downturn persists.
Spot ETFs On The Horizon: Gensler's Comments
Gary Gensler, chair of the U.S. Securities and Exchange Commission (SEC), offered optimistic remarks about the market's prospects. Gensler noted that the spot Ethereum exchange-traded fund (ETF), approved in May, could begin trading tentatively this summer. The approval and trading of this product could provide a significant liquidity boost for ETH. Like spot Bitcoin ETFs, institutions may funnel billions into ETH, offering their clients new exposure opportunities.
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