Ethereum
Ethereum Price Prediction for June 1 as Whales Move $118M ETH
Ethereum (ETH) seeks to reclaim the $4,000 mark after receiving a major boost from the Securities and Exchange Commission (SECOND).
Exciting, Ethereum investors anticipate a potential increase in cryptocurrencies value following approval by the US regulator of a series of top-tier ETH exchange traded funds (AND F).
There is notably a buzz of speculation about the possibility that Ethereum mirrors the price action of Bitcoin (BTC), which saw a significant rebound after the approval of a similar product.
Amid the ETF rollout, Ethereum is witnessing significant whale activity. According to data shared by Whale Alert, three major transfers were observed from unknown wallets to the crypto exchange OKEx on May 25.
The transactions involved 9,019 ETH (approximately $33,776,166), 22,429 ETH (valued at approximately $83,993,750), and 26,925 ETH (worth approximately $100,832,790), all of which is transferred to the exchange.
ETH whale transactions. Source: Whale Alert
These transfers, totaling 58,373 ETH and equivalent to $118,602,706, gave rise to speculation about the impact on the valuation of the second security. cryptocurrency by market capitalization.
ETH Price Prediction
Overall, a significant movement of such large sums to the exchanges could suggest the anticipation of increased trading activity. Historically, large transfers to exchanges have sometimes preceded major price movements, either due to impending sell-offs or due to strategic positioning for important market events.
For insight into how Ethereum will likely trade in the coming days, Finbold turned to CoinCodexby taking advantage of its AI-optimized machine learning algorithms. According to CoinCodex projections, Ethereum is expected to trade at $3,813 on June 1, representing an increase of almost 2% from the current price.
Notably, the price projection could pave the way for Ethereum to reach new highs after the ETF approval.
For example, crypto analyst RLinda suggested in a TradingView job on May 24, that the approval could serve as bullish catalyst. According to RLinda, if Ethereum consolidates above $3,827 and breaks above $4,095, it will likely aim for a new all-time high.
However, RLinda also warned that history could repeat itself, like what happened. model observed with Bitcoin after the approval of BTC ETFs. Market makers could create a trap by causing a rapid price decline before an upward move.
Ethereum Price Analysis
At press time, Ethereum was trading at $3,741. On the weekly chart, ETH is up over 20%.
Meanwhile, the approval of the ETF, which acts as a catalyst to attract institutional investors, is expected to encourage ETH bulls to work harder to keep the price above $3,500.
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