Ethereum (ETH) is experiencing rapid developments, and there is much speculation about when its price will reach $4,000 after receiving approval from the Securities and Exchange Commission (SEC).
Whale Activity in Ethereum
Investors in Ethereum are keeping a close eye on 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.
There are also rumors circulating that Ethereum may follow the price movement of Bitcoin (BTC), which experienced a 1.5-month decline after receiving approval on January 10 but later surged to its all-time high (ATH).
Significant whale activity in Ethereum has been observed following the ETF news. Whale Alert detected three large transfers to the cryptocurrency exchange OKEx from unknown wallets on May 25.
These three transactions involved 9,019 ETH (approximately $33,776,166), 22,429 ETH (approximately $83,993,750), and 26,925 ETH (approximately $100,832,790) being sent to exchanges, drawing attention to this activity.
The total of 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?
Sending large volumes of cryptocurrency to exchanges often indicates potential volatility for that specific cryptocurrency. In the past, large transfers to exchanges have sometimes preceded significant price movements, either for strategic positioning ahead of sales or major market events.
Artificial intelligence tools have also been used to predict Ethereum’s future price. According to AI data, Ethereum’s price could reach $3,813 on June 1, indicating a 2% increase from the current level.
This price projection, especially after the ETF approval, could pave the way for Ethereum to reach new highs.
Meanwhile, a cryptocurrency analyst named RLinda shared in a post on May 24 that the ETF approval could act as a bullish catalyst. RLinda believes that if Ethereum can maintain a price above $3,827 and then rise above $4,095, it could move towards a new ATH.
However, the analyst also noted that history might repeat itself, as seen with the price movements of Bitcoin after BTC ETF approvals.
Ethereum Price Analysis
At the time of writing, Ethereum is trading at $3,756 with a 0.23% increase. Over the course of the week, ETH has seen a rise of over 20%.
The ETF approval, which is expected to attract institutional investors and has had a significant impact on Bitcoin, has positioned bulls to eagerly anticipate a price rise in ETH and maintain the price above $3,500.
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Disclaimer: The information in this article should not be considered investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks, and they should conduct their own research.