Ethereum (ETH) is making rapid progress, and there is widespread anticipation regarding when its price will reach $4,000 following the approval of the Securities and Exchange Commission (SEC).
Whale Activity in Ethereum
Investors in Ethereum are particularly interested in the potential for ETH to rise following the SEC’s approval of eight different spot ETH exchange-traded funds (ETFs). Stay updated on the latest financial and business news by visiting COINTURK FINANCE.
At the same time, there are rumors circulating about Ethereum potentially imitating the price movement of Bitcoin (BTC), which experienced a 1.5-month decline after its approval on January 10, only to later surge to its all-time high (ATH).
Following the news about the ETFs, significant whale activity in Ethereum has not gone unnoticed. According to data detected by Whale Alert, on May 25, three large transfers were made to the cryptocurrency exchange OKEx from unknown wallets.
These three transactions involved the transfer of 9,019 ETH (approximately $33,776,166), 22,429 ETH (approximately $83,993,750), and 26,925 ETH (approximately $100,832,790) to exchanges, attracting attention to this activity.
In total, these three transactions amounted to 58,373 ETH and $118,602,706, leading to various speculations about the future of the second-largest cryptocurrency by market value.
How Much Will ETH Be Worth?
Generally, sending large volumes of cryptocurrency to exchanges can indicate potential volatility for that specific cryptocurrency. In the past, large transfers to exchanges have sometimes occurred before significant price movements, either due to strategic positioning for upcoming sales or major market events.
Artificial intelligence tools have also been utilized to predict Ethereum’s future price. According to data from these AI tools, Ethereum’s price could reach $3,813 by June 1, implying a 2% increase from the current price level.
This price projection, especially after the ETF approval, could pave the way for Ethereum to aim for new highs.
Meanwhile, a cryptocurrency analyst named RLinda shared in a post on May 24 that the ETF approval could act as a catalyst for a bullish trend.
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 that history might repeat itself, similar to the price movements observed in Bitcoin after the approval of BTC ETFs.
Ethereum Price Analysis
At the time of writing, Ethereum is trading at $3,756, experiencing a 0.23% increase. Over the course of the week, ETH has seen a rise of over 20%.
On the other hand, the ETF approval, which is expected to attract institutional investors to the market and has had a significant impact on Bitcoin, has positioned bulls in Ethereum with a greater desire to keep the price above $3,500.
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Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and they should conduct their own research.
