Whales and long-term holders keep accumulating Ether despite the recent price drops. Analysts see it as a bullish sign.
According to Julio Moreno, the head of research at CryptoQuant, there is a surge in Ethereum demand. Holders keep buying Ether. And it has now reached the second-highest level on record.
Moreno takes June 12 as an example of such accumulation in process. During just one day, accumulation addresses acquired approximately 298,000 Ether tokens, equivalent to roughly $1.34 billion.
This is just a bit shy of the absolute record set on September 11, 2023, when long-term holders purchased 317,000 Ether in 24 hours.
Recent accumulation surge happened even despite an 8.49% price decline over the past seven days.
The $3,500 price level has proved to be a resilient resistance for Ether bulls, analyst notes.
It seems that long-term Ether investors trust some recent news. The chair of the United States Securities and Exchange Commission (SEC), Gary Gensler hinted at the possible approval of spot Ether exchange-traded funds (ETFs) for trading by the end of September. This might bring Ether to the path that has already led Bitcoin to a rather impressive surge earlier this year.