Ethereum, the popular cryptocurrency, is showing signs of recovery despite a slight dip of 0.3% on Monday. This comes as issuers of spot Ethereum ETFs file amended S-1 registration statements with the SEC following a July 8 deadline. Analysts are optimistic about the SEC approving these drafts soon, enabling trading to begin.
On-chain data reveals long-term holders are re-entering the market. For example, Golem moved 26,000 ETH worth $78 million to exchanges, while a whale transferred 7,240 ETH worth $21.4 million to Kraken.
Additionally, the Ethereum Foundation and ImmuneFi launched "Attackathon," a security audit competition with a $500,000 reward pool, to enhance Ethereum's security.
Technically, Ethereum has maintained support around $2,800 to $2,852, indicating strong buying demand and potential for future gains.
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