In a remarkable display of investor confidence, Ether, the native cryptocurrency of the Ethereum network, has witnessed a significant surge in long-term holder accumulation, even as the asset experienced a 2% price dip over a 24-hour period. According to Julio Moreno, the head of research at CryptoQuant, buying by permanent holders reached the second-highest level on record, with approximately 298,000 Ether tokens, worth around $1.34 billion, acquired within a single day.

Ether Weathers an 8% Weekly Decline

Despite the increased demand, Ether has faced an 8.49% price decline over the past seven days, briefly dipping below $3,800 on June 8. However, the cryptocurrency has remained resilient, holding above the $3,400 mark during this period. The $3,500 price level has proven to be a significant resistance for Ether bulls, as observed in past price action.

SEC Chair Hints at Spot Ether ETF Approvals

Adding to the positive sentiment surrounding Ether, SEC Chair Gary Gensler hinted at the potential approval of spot Ether exchange-traded funds (ETFs) for trading by the end of September. This development comes after the SEC granted preliminary regulatory approval for spot Ether ETFs on May 23, approving 19b-4 filings from eight applicants.

Ether's Non-Security Status Affirmed

The approval of spot Ether ETFs is seen as a significant milestone, as it potentially confirms Ether's status as a non-security. Industry experts, such as Bloomberg ETF analyst James Seyffart and digital asset lawyer Justin Browder, believe that this recognition could extend to other tokens as well, solidifying their classification as commodities.

A Resilient and Promising Future for Ethereum

The surge in long-term holder accumulation, coupled with the potential approval of spot Ether ETFs, underscores the resilience and growing demand for Ethereum's native cryptocurrency. As the digital asset landscape continues to evolve, Ether's ability to weather price fluctuations and garner increased institutional interest suggests a promising future for the Ethereum ecosystem.