Claim BonusEthereum Permanent Holders Scoop 298K ETH In A Day, ETH Price Rally Soon?
Highlights
- Permanent ETH holders purchased 298,000 ETH yesterday, the second-largest in a single day.
- Ethereum on-chain metrics show strength with massive outflows from Coinbase a day before.
- ETH price must hold the support of $3,500 in order to resume a rally to $4,000.
All eyes are currently on Ethereum as the U.S. Securities and Exchange Chairman Gary Gensler stated that the approval of the spot Ethereum ETF will happen by the end of this summer. Although this news brought some optimism to the ETH community, it has yet to reflect in the Ethereum price which is trading under $3,500 as of press time.
Ethereum Demand Skyrockets
Julio Moreno, the head of research at CryptoQuant stated that there’s a significant surge in the Ethereum demand currently in the market. As per Moreno, the permanent ETH holders bought a staggering 298,000 ETH yesterday, making this the second-highest daily purchase on record.
The record for the highest daily buying remains on September 11, 2023, as of now, when the ETH holders scooped 317,000 ETF. However, even the current spike in Ethereum demand highlights the growing interest and confidence among long term investors in the crypto market.
The massive surge in demand for Ethereum has come as the ETH price has corrected more than 9% in the past seven days. However, as we saw, the on-chain metrics continue to show strength for the world’s second-largest cryptocurrency.
As reported by CoinGape, Ethereum’s withdrawal from the Coinbase exchange surged to a massive 300K, thereby making it one of the largest outflows in 2024. With this, the total value of the Ethereum withdrawal has surged past $1 billion.
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.
Last time, the ETH price dropped under $3,500 back in April, it led to a 25% decline hitting the low of $2,814 by May 2. All eyes will be on how swiftly the SEC chair gives a go-ahead to the spot Ethereum ETF to go live for trading. This is likely to infuse major capital inflows as we saw after the approval of the spot Bitcoin ETF.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Universal Exchange Bitget Taps Football Culture to Promote a One-Stop Crypto Trading Experience
- Aster DEX Review – Is It Safe and Legitimate?
- XRP News: Ripple Secures First EMI License in Luxembourg to Boost Payments in Europe
- Top 3 Reasons Why XRP Price Is Surging Today
- Bitcoin Price Reclaims $96K as Bitwise CIO Predicts “Parabolic” Run From BTC ETF Flows
- Robinhood Stock Price Prediction: How High Could HOOD Go Technically in 2026?
- Cardano Price Prediction as Germany’s DZ Bank Gets MiCAR Approval for Cardano Trading
- Top 3 Meme Coins Price Prediction: PEPE, Dogecoin, and Shiba Inu as 8% Market Boost Fuels Growth
- Standard Chartered Predicts Ethereum Price could reach $40,000 by 2030
- Bitcoin Price Eyes $100k as Core US Inflation Slips Ahead of CLARITY Act Markup
- Why Is MSTR Stock Price Down Despite Recent Bitcoin Purchase
