Exciting developments are taking place in the world of Ethereum (ETH), and with the recent approval from the Securities and Exchange Commission (SEC), many are wondering when the Ethereum price will reach $4,000 once again.
Ethereum investors are now focused on the potential for ETH to rise following the SEC’s approval of eight different spot ETH exchange-traded funds (ETFs). Stay up to date with the latest technology news on NEWSLINKER.
There are also rumors circulating about Ethereum mirroring the price movement of Bitcoin (BTC), which experienced a 1.5-month decline after its approval on January 10, only to bounce back and reach its all-time high (ATH).
Notably, significant whale activity on the Ethereum front has caught people’s attention. Whale Alert detected three large transfers to the cryptocurrency exchange OKEx on May 25 from unknown wallets.
In these three transactions, a total of 58,373 ETH and $118,602,706 were sent to exchanges, sparking speculation about the future of the second-largest cryptocurrency by market value.
Sending such large volumes of cryptocurrency to exchanges often suggests potential volatility specific to the sent cryptocurrency. In the past, large transfer transactions to exchanges have occurred before significant price movements, indicating strategic positioning for upcoming sales or important market events.
Artificial intelligence (AI) tools have also been utilized to predict Ethereum’s future price. According to data from these AI tools, it is projected that Ethereum’s price could reach $3,813 by June 1, signaling a 2% increase from the current price level.
This price projection could potentially pave the way for Ethereum to target new all-time highs after the ETF approval.
Furthermore, cryptocurrency analyst RLinda shared in a recent post that the ETF approval could act as a bullish catalyst. According to RLinda, if Ethereum can maintain a price above $3,827 and then rise above $4,095, it could potentially reach a new ATH.
However, the analyst also acknowledged the possibility of history repeating itself, similar to the price movements seen in Bitcoin following the approval of BTC ETFs.
At the time of writing, Ethereum is trading at $3,756 with a 0.23% increase. Over the course of the week, ETH has experienced a price increase of more than 20%.
The ETF approval, which is expected to attract institutional investors to the market, has positioned bulls to eagerly push for a price rise in ETH and maintain it above $3,500.
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Disclaimer: This article does not constitute investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and conduct their own research.
