Ether (ETH) has seen a 15% drop from $4,000 to a low of $3,363 on June 16, with a 4% decrease over the last week. Despite this, ETH seems to have found support at the $3,500 level, with several metrics indicating potential for growth. Ethereum balances on exchanges have hit a five-year low, suggesting investors are withdrawing tokens in anticipation of a future price increase. Large holders have also been accumulating more ETH. Additionally, the approval of spot Ethereum exchange-traded funds (ETFs) in the US has fueled a rally, with the launch of these ETFs expected to drive ETH prices higher.