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 again.
Ethereum investors are now turning their attention to potential price surges in ETH following the SEC’s approval of eight different spot ETH exchange-traded funds (ETFs). Meanwhile, there are rumors circulating that Ethereum may follow a similar price movement pattern to Bitcoin (BTC), which experienced a 1.5-month decline after its approval on January 10 before eventually reaching its all-time high.
The significant whale activity on the Ethereum front has not gone unnoticed. According to data from Whale Alert, three large transfers were made to the cryptocurrency exchange OKEx on May 25 by unknown wallets. These transfers amounted to a total of 58,373 ETH and $118,602,706, sparking speculation about the future of the second-largest cryptocurrency by market value.
Sending such large volumes of cryptocurrency to exchanges often indicates potential volatility specific to the sent cryptocurrency. It has been observed in the past that large transfer transactions to exchanges precede significant price movements, either due to strategic positioning for upcoming sales or important market events. Artificial intelligence tools have also been utilized to predict the future price of Ethereum. According to these tools, Ethereum’s price could reach $3,813 by June 1, representing a 2% increase from the current level.
This price projection sets the stage for Ethereum to potentially reach new peaks following the ETF approval. Additionally, cryptocurrency analyst RLinda believes that the ETF approval could act as a bullish catalyst for Ethereum. If Ethereum can maintain a price above $3,827 and rise above $4,095, it may move towards a new all-time high. However, RLinda also cautions that history may repeat itself, as seen in Bitcoin’s price movements 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 over 20%. The ETF approval, which is expected to attract institutional investors to the market, has positioned Ethereum bulls to eagerly keep the price above $3,500.
Please note that the information provided in this article should not be considered investment advice. Cryptocurrencies are highly volatile and carry inherent risks, so investors should conduct their own research before making any decisions.