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Developments on the Ethereum (ETH) front continue rapidly, and following the approval from the Securities and Exchange Commission (SEC), curiosity has already arisen about when the Ethereum price might return to the $4,000 level.
Ethereum Whale Activity
Interestingly, Ethereum investors have turned their attention to 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 the possibility of Ethereum mimicking Bitcoin’s (BTC) price movement, which entered a 1.5-month decline after the approval on January 10 but later fully marched towards its all-time high (ATH).
Following the news about the ETF, significant whale activities on the Ethereum front did not go unnoticed. According to data detected by Whale Alert, three large transfers were made to the cryptocurrency exchange OKEx on May 25 by unknown wallets.
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 area.
These transfers, totaling 58,373 ETH and $118,602,706, have led to multiple comments about the future of the second-largest cryptocurrency by market value.
What Will Be the Price of ETH?
Generally, sending such large volumes of cryptocurrency to exchanges can indicate potential volatility specific to the sent cryptocurrency. Historically, large transfer transactions to exchanges sometimes occur before significant price movements due to strategic positioning for upcoming sales or important market events.
Artificial intelligence tools have also been used to understand what price Ethereum might have in the future. According to data provided by AI tools, it is thought that Ethereum’s price could be $3,813 on June 1, which presents a forecast of a 2% rise from the current price level.
Especially the price projection could lay the groundwork for Ethereum to target new peaks following the ETF approval.
Meanwhile, a cryptocurrency analyst named RLinda shared in a post on May 24 that the ETF approval could act as a bullish supporter.
According to RLinda, if Ethereum can potentially maintain 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 in a manner similar to the price movements seen in Bitcoin following the approval of BTC ETFs.
Ethereum Price Analysis
As of the time of writing, Ethereum continues to trade at $3,756 with a 0.23% increase. On a weekly basis, ETH price has seen an increase of over 20%.
On the other hand, the ETF approval, which is thought to trigger the entry of institutional investors into the market and is known to have significantly occurred in Bitcoin, positions bulls aiming for a price rise in ETH more eagerly to keep the price above $3,500.
