Ethereum (ETH) is experiencing rapid developments, and with the recent approval from the Securities and Exchange Commission (SEC), there is growing speculation about when the Ethereum price will reach $4,000 again.
Ethereum investors are now focusing on the potential for ETH to rise following the SEC’s approval of eight different spot ETH exchange-traded funds (ETFs). Meanwhile, there are rumors circulating about Ethereum mimicking Bitcoin’s price movement, which saw a decline for 1.5 months after the approval on January 10, but eventually reached its all-time high.
Significant whale activities on the Ethereum front have caught attention, particularly three large transfers to the cryptocurrency exchange OKEx on May 25. These transfers, totaling 58,373 ETH and $118,602,706, have sparked discussions about the future of the second-largest cryptocurrency.
Large volumes of cryptocurrency being sent to exchanges often indicate potential volatility specific to that cryptocurrency. It is not uncommon for significant price movements to occur after such transfers, as they may be strategically timed for upcoming sales or important market events. Additionally, artificial intelligence tools have been utilized to predict Ethereum’s future price, suggesting that it could reach $3,813 by June 1, a 2% increase from the current level.
The ETF approval could potentially pave the way for Ethereum to reach new highs. A cryptocurrency analyst named RLinda believes that if Ethereum can maintain a price above $3,827 and surpass $4,095, it could move towards a new all-time high. However, the analyst also acknowledges the possibility of a price movement similar to Bitcoin’s following the approval of BTC ETFs.
At the time of writing, Ethereum is trading at $3,756 with a 0.23% increase. Over the past week, ETH has seen a rise of over 20%. The ETF approval is expected to attract institutional investors to the market, as it did with Bitcoin, and this has fueled bullish sentiments for ETH, with investors eager to keep the price above $3,500.
Please note that the information in this article does not constitute investment advice, and investors should be aware of the high volatility and risks associated with cryptocurrencies. Conducting thorough research is essential.
