Ethereum's long-term holders have been making the most of the current market conditions by scooping up a massive 298,000 ETH in a single day. This significant surge in demand could be a sign that the ETH price is poised to resume its uptrend and potentially reach $4,000.

The Ethereum community is eagerly awaiting the approval of the spot Ethereum ETF by the U.S. Securities and Exchange Chairman Gary Gensler. Although this news has brought optimism to the ETH community, it has yet to reflect in the Ethereum price, which is currently trading under $3,500.

Ethereum Demand Skyrockets

The head of research at CryptoQuant, Julio Moreno, has reported a significant surge in Ethereum demand in the market. Permanent ETH holders bought a staggering 298,000 ETH yesterday, making this the second-highest daily purchase on record. This highlights the growing interest and confidence among long-term investors in the crypto market.

ETH Price Action Ahead?

Despite the positive on-chain indicators, the ETH bulls haven't gained enough control to trigger a rally past $4,000. Currently, Ethereum is trading just under its crucial support zone of $3,500. If the SEC chair gives a go-ahead to the spot Ethereum ETF, it could infuse major capital inflows, potentially leading to a significant price rally.

Ethereum Withdrawals Surge

As reported by CoinGape, Ethereum's withdrawal from the Coinbase exchange surged to a massive 300K, making it one of the largest outflows in 2024. The total value of the Ethereum withdrawal has surged past $1 billion. This significant surge in withdrawals could be a sign of growing confidence among investors in the Ethereum market.

Conclusion

The Ethereum market is currently experiencing a mix of optimism and uncertainty. The approval of the spot Ethereum ETF could be the catalyst that drives the ETH price to new heights. However, the market will need to wait and see how swiftly the SEC chair gives the green light for the ETF to go live for trading.