Ethereum (ETH) is undergoing rapid developments, and there is anticipation regarding 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 particularly interested in potential price increases following the SEC’s approval of eight different spot ETH exchange-traded funds (ETFs). For the latest financial and business news, visit COINTURK FINANCE.
There are also rumors circulating about Ethereum potentially following 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 activities in Ethereum have not gone unnoticed following the ETF news. Whale Alert’s data reveals that 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?
Sending large volumes of cryptocurrency to exchanges generally indicates potential volatility for the specific cryptocurrency. Historically, large transfers to exchanges have sometimes occurred before significant price movements, as a strategic positioning for upcoming sales or major market events.
Artificial intelligence tools have also been utilized to forecast Ethereum’s potential future price. According to AI data, Ethereum’s price could reach $3,813 by June 1, suggesting a 2% increase from the current price level.
This price projection, especially after the ETF approval, could pave the way for Ethereum to target new highs.
Meanwhile, a cryptocurrency analyst named RLinda shared in a post on May 24 that the ETF approval could serve as a bullish catalyst.
According to RLinda, 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, similar to the price movements observed in Bitcoin after the 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%.
On the other hand, the ETF approval, which is believed to trigger the entry of institutional investors into the market and has significantly impacted Bitcoin, positions bulls eagerly aiming for a price rise in ETH to keep it 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 are highly volatile and carry risks, and should conduct their own research.
