Ethereum (ETH) developments continue rapidly, and curiosity surrounds when Ethereum’s price might return to $4,000 following the Securities and Exchange Commission’s (SEC) approval.
Whale Activity in Ethereum
Notably, Ethereum investors are eyeing potential new rises in ETH following the SEC’s approval of eight different spot ETH exchange-traded funds (ETFs).
On the other hand, there are ongoing rumors about Ethereum possibly mimicking Bitcoin’s (BTC) price movement, which entered a 1.5-month decline after the January 10 approval but later surged to its all-time high (ATH).
Following the ETF news, significant whale activities in Ethereum did not go unnoticed. According to data detected by Whale Alert, three large transfers were made to the cryptocurrency exchange OKEx by unknown wallets on May 25.
In these three transactions, 9,019 ETH (approximately $33,776,166), 22,429 ETH (approximately $83,993,750), and 26,925 ETH (approximately $100,832,790) were sent to exchanges, drawing all 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?
Generally, sending large volumes of cryptocurrency to exchanges can indicate potential volatility for the specific cryptocurrency. Historically, large transfers to exchanges have sometimes occurred before significant price movements due to strategic positioning for upcoming sales or major market events.
Artificial intelligence tools have also been used to understand Ethereum’s potential future price. According to data from AI tools, Ethereum’s price could be $3,813 on June 1, suggesting a 2% increase from the current price level.
The price projection, especially after the ETF approval, could set the stage for Ethereum to target 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.
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 seen in Bitcoin after the BTC ETF approvals.
Ethereum Price Analysis
As of the time of writing, Ethereum continues to trade at $3,756 with a 0.23% increase. On a weekly view, ETH has seen a rise of over 20%.
On the other hand, the ETF approval, which is believed to trigger institutional investors’ entry into the market and has significantly impacted Bitcoin, positions bulls aiming for a price rise in ETH more eagerly to keep the price above $3,500.
