Long-Term Holders Purchase Significant Amounts of ETH

Long-term Ethereum holders have acquired a substantial supply of ETH, seizing the buying opportunity. The price of ETH is likely to continue its upward trend towards $4,000.

Azcnews Long Term Holders Purchase Significant Amounts Of Eth

All eyes are currently on Ethereum as the Chairman of the U.S. Securities and Exchange Commission, Gary Gensler, announced that the approval of a spot Ethereum ETF is expected by the end of this summer. Although this news brings a certain level of optimism to the ETH community, it has not yet influenced the price of Ethereum, which remains below $3,500 at the time of writing.

Surging Demand for Ethereum

Ethereum Eth Permanent Holders
Ethereum Eth Permanent Holders

Julio Moreno, Head of Research at CryptoQuant, has reported a significant increase in Ethereum demand in the market. According to Moreno, long-term ETH holders purchased an astonishing 298,000 ETH yesterday, marking it the second-highest daily purchase ever recorded.

The highest daily purchase record remains on September 11, 2023, when ETH holders acquired 317,000 ETH. Nonetheless, the current surge in Ethereum demand highlights the growing interest and confidence of long-term investors in the cryptocurrency market.

This spike in demand comes as the price of ETH has adjusted down by over 9% in the past week. However, on-chain metrics continue to indicate the strength of the world’s second-largest cryptocurrency.

The amount of Ethereum withdrawn from Coinbase has surged to an impressive 300,000 ETH, making it one of the largest outflows of 2024. Consequently, the total value of Ethereum withdrawals has surpassed $1 billion.

Related: Bitcoin Falls to $66,000 as New Addresses Decline

Upcoming ETH Price Action?

Ethusdt
Ethusdt

Despite positive on-chain indicators, ETH bulls have yet to gain enough momentum to push the price above $4,000. Currently, Ethereum is trading just below the crucial support level of $3,500.

Previously, when ETH dropped below $3,500 in April, it resulted in a 25% decline, reaching a low of $2,814 on May 2. All eyes are now on how swiftly the SEC Chairman will make a decision regarding the spot Ethereum ETF approval. This move has the potential to inject substantial capital into the market, similar to the influx observed following the approval of the spot Bitcoin ETF.

(1 vote)

5.0/5

(1 vote)
  1. Avatar of Abdullahi bello
    Abdullahi bello

    Easy to trending

Comments are closed.

Latest

How To Participate In The Trump Wallet Airdrop

Airdrops | Editor Choice

How to Participate in the Trump Wallet Airdrop

Join the Trump Wallet airdrop, a cryptocurrency wallet provided by Magic Eden, which is airdropping 1 million TRUMP tokens to participants.

Donald Trump’s Company Files To Launch Spot Bitcoin Etf

News | Bitcoin | Editor Choice

Donald Trump’s Company Files to Launch Spot Bitcoin ETF

Truth Social, Donald Trump's social media platform, has made headlines by filing to launch a spot Bitcoin ETF, marking a bold move into the digital finance space as the crypto market heats up again.

Team Continues To Deposit $trump Into Exchanges

Memecoin | Editor Choice

Team continues to deposit $TRUMP into exchanges

This morning, a wallet allegedly belonging to the development team of the memecoin $TRUMP deposited 4.17 million $TRUMP tokens, equivalent to $46.97 million USD, onto major exchanges.

Pi Network Tops The Rankings Of Crypto Applications

Editor Choice | Pi Network

Pi Network tops the rankings of crypto applications

According to a recent survey from the Zypto VISA card, Pi Network has unexpectedly risen to the top position in terms of deposit frequency, surpassing DASH, USD1, and XRP.

Is Bitcoin Preparing For The Next Wave Of Institutional Capital

News | Bitcoin | Editor Choice

Is Bitcoin Preparing for the Next Wave of Institutional Capital?

Bitcoin is on the verge of attracting a massive wave of institutional capital, as global financial advisors gain easier access to the digital asset – setting the stage for a potential supply shock and a powerful price rally.