Surge in Demand from Permanent Holders
Despite Ethereum’s recent dip, on-chain data shows a bullish picture. Permanent holders, likely institutions, have been buying heavily. On June 12, they purchased 298,000 ETH, the second-highest daily purchase on record.
Institutional Positioning
This surge in demand suggests that institutions may be positioning themselves in the market. They are likely taking advantage of lower prices.
Resistance and Support Levels
Ethereum is facing resistance at $3,700. If prices continue to fall, they could retest $3,300.
Spot ETFs on the Horizon
Gary Gensler, the SEC chair, has indicated that spot Ethereum ETFs may begin trading this summer. This could bring a significant liquidity boost to ETH.
