Anticipation of potential Ether ETF approvals in June is pivotal in driving ETH's price above $4,000, with whales accumulating and rising holding sentiment furthering the bullish outlook.), has rallied by circa 67% so far in 2024 and may continue its upside moves in June, per a mix of on-chain, fundamental, and technical indicators.A falling wedge is a bullish reversal pattern characterized by two descending, converging trendlines.
On May 20, ETH's price broken above the wedge's upper trendline with a rise in trading volumes, confirming its bias to reach the pattern's upside target at around $4,255 by June's end, up 12.65% from the current price levels.Interestingly, the ongoing breakout further appears to be part of a bull flag pattern, characterized by two parallel, downward-sloping trendlines.
According to on-chain data resource Santiment, the Ether supply held by entities with a balance of 10 million—100 million ETH has increased by circa 0.5% since May 20, whenThe accumulation coincided with a 19.25% ETH/USD price boom. It kept growing after spot Ether ETFs received official approval from the SEC on May 23.
Conversely, the Ether supply held by entities with a 1 million—10 million ETH balance declined sharply during the ETH's price rally, suggesting profit-taking. But, at the same time, the Ether reserves across all the crypto exchanges has declined sharply recently.This shows that most investors are withdrawing their ETH holdings from crypto exchanges—a sign of increasing hodling sentiment, which increases Ether's potential to continue rallying in June above $4,000.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.Bitcoin just had its best May since 2019 despite 'predatory' 3% BTC price dip
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