3 Signs Ethereum Will Break $4K in June

Ether, the native cryptocurrency of the Ethereum network, has seen an impressive uptick of approximately 67% so far in 2024. Multiple indicators—ranging from on-chain data to fundamental and technical analyses—suggest that this upward momentum could persist through June.

One technical pattern to note is the falling wedge, which Ether appears to have broken out from as of June 1. In technical analysis, a falling wedge is a bullish signal often characterized by two converging downward trendlines. The pattern typically resolves when the price breaks above the upper trendline and rises by an amount equivalent to the wedge’s maximum height. On May 20, Ether’s price moved above the wedge’s upper boundary, supported by increased trading volumes, which points to a potential price target of around $4,255 by the end of June, a projected increase of about 12.65% from current levels.

This breakout aligns with what is known as a bull flag pattern. This pattern consists of two downward-sloping, parallel trendlines and generally signals an impending upward move when the price breaks above the upper trendline. The bull flag indicates that Ether could be on course to reach $6,000 by late June or early July.

Adding to the bullish sentiment, Ethereum’s wealthiest investors have been accumulating Ether. Data from on-chain analytics firm Santiment highlights that entities holding between 10 million and 100 million ETH have increased their holdings by approximately 0.5% since May 20. This increase in holdings happened after rumors surfaced regarding the U.S. Securities and Exchange Commission (SEC) considering approvals for spot Ether exchange-traded funds (ETFs). This accumulation period coincided with a 19.25% surge in ETH/USD price.

Interestingly, the accumulation has grown even more robust following the SEC’s official approval of spot Ether ETFs on May 23. Conversely, entities holding between 1 million and 10 million ETH have reduced their holdings, possibly indicating profit-taking behavior. Ether reserves across all crypto exchanges have seen a sharp decline, suggesting investors are moving their ETH off exchanges—a strong signal of increasing “hodling” sentiment, which could further propel Ether’s price above $4,000.

Analysts also see a potential catalyst for ETH’s ongoing rally in the approval of spot Ether ETFs by the SEC. This approval could come as early as late June, particularly with BlackRock updating its Form S-1 for the iShares Ethereum Trust with the SEC. Bloomberg ETF analyst Eric Balchunas noted that the regulatory progress is a positive development and suggested that other approvals might follow soon.

This optimism is bolstered by Balchunas’s earlier speculations that spot Ether ETFs could attract 10-15% of the flows that spot Bitcoin ETFs have seen in their early days. Given that spot Bitcoin ETFs have raked in a net inflow of $13.85 billion since January, a similar demand for Ether ETFs could significantly drive up ETH prices.

If these predictions hold true, the combined effect of technical breakouts, whale accumulation, and ETF approvals could foster significant capital inflows into Ether. Consequently, these factors may well push Ether’s price above $4,000 within the next 30 days.

A confluence of technical patterns, substantial whale accumulation, reduced exchange reserves, and the potential approval of spot Ether ETFs by the SEC provide ample grounds for optimism. All these elements together present a compelling case for Ether’s continued rally through June and potentially beyond.

33 thoughts on “3 Signs Ethereum Will Break $4K in June

  1. Sure, whales accumulating Ether. How often has that actually led to sustained growth? Not buying it.

  2. Ether’s price action breaking the wedge pattern is super exciting. The stars are aligning for a strong month ahead! 📈💫

  3. Another cryptocurrency hype? How many times have we seen these so-called positive indicators only for the price to plunge?

  4. Bullish technical patterns and whale accumulation are paving the way for a major rally. Ether to the moon! 🚀✨

  5. Wow, a 67% uptick in 2024 is impressive! Loving the bullish vibes for Ether!

  6. Increased trading volumes? More like increased manipulation. I’m not convinced.

  7. Ether’s technical and on-chain metrics are aligning perfectly for a strong June. Feeling very optimistic! 📈🌟

  8. SEC’s approval for spot Ether ETFs could really send ETH prices sky high. Here’s to a bright future! 🚀🌕

  9. Entities holding between 10 million and 100 million ETH increasing holdings is a huge bullish sign. Go Ether! 🌟🔝

  10. With technical breakouts, ETF approvals, and whale actions, Ether’s set for an incredible rally. Watch this space! 🚀🔥

  11. The anticipation for spot Ether ETFs is mounting, and it’s great for ETH’s price prospects. Onward!

  12. Seeing the technical patterns lining up like this is so exciting. Ethers on a roll!

  13. Ether ETF approvals would be massive. Cant wait to see the impact on prices!

  14. BlackRock’s updated Form S-1 and the looming ETF approvals make for a promising June for ETH! 💪🔮

  15. Wow, another ‘bull flag’ and ‘falling wedge’? Give me a break. These patterns have failed before.

  16. Every time there’s good news, I end up losing money anyway. Not falling for it again.

  17. Between the bull flag and the whale activity, $6,000 by July feels within reach. So pumped!

  18. The bull flag pattern aligning with the recent breakout is fantastic. Ether to $6,000 by July sounds incredible. 🌟💸

  19. Exciting to see such robust bullish factors coming together for Ethers price action. Up we go!

  20. I’m so tired of hearing about these bullish predictions. Can we just focus on the fundamentals for once?

  21. Ether’s breakout and whale accumulation are textbook bullish signals. Bright days ahead!

  22. The potential SEC approval for spot Ether ETFs could be a game-changer. Lets go, Ether!

  23. These optimistic projections always seem to come right before a massive sell-off. It’s like clockwork.

  24. Loving the technical and fundamental factors working together here. Ethers future looks bright!

  25. Whale accumulation and the falling wedge breakout signal a very strong month for Ether ahead.

  26. ETH is on fire! All indicators point to a continued rally. Cant wait to see it soar!

  27. And yet, all this bullish sentiment won’t matter when the SEC decides to clamp down on cryptocurrencies. More regulation is coming.

  28. Ether moving off exchanges is a clear sign of confidence. Hodl strong!

  29. The $4,255 target by the end of June looks achievable with all these bullish patterns and developments! 📈🌟

  30. Ether’s resurgence is a testament to the strength and potential of the Ethereum network. So bullish right now!

  31. Love seeing the combination of technical signals and whale activity pushing Ether higher!

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