Ether, also known as ETH, recently experienced a significant surge in long-term holder accumulation, capitalizing on a minor 2% price decline within 24 hours. Julio Moreno, CryptoQuant's head of research, highlighted a substantial uptick in Ethereum demand, with permanent holders making the second-highest purchase on record. Approximately 298,000 Ether tokens were acquired by accumulation addresses on June 12, amounting to around $1.34 billion at that time. This acquisition was only marginally lower than the record set on September 11, 2023, when long-term holders bought 317,000 Ether amid a price dip below $1,600.

The heightened demand comes against Ether's recent 8.49% price drop over the past week, lingering above $3,400 since falling below $3,800 on June 8. Despite trading at $3,472 currently, the $3,500 range has posed a staunch resistance for ETH bulls according to past price trends, signaling potential downside risks as observed on April 11.

Chair of the United States Securities and Exchange Commission (SEC), Gary Gensler, has suggested the potential approval of spot Ether exchange-traded funds (ETFs) for trading by September's end. The SEC's recent green light on preliminary regulatory clearance for spot Ether ETFs sets the stage for possible trading activation following approval of the S-1 registration statements.

This article does not contain investment advice but rather insight into Ether's market dynamics and regulatory landscape.