Ethereum price will finally break $4K in June: Here are 3 signs

The Ethereum price has increased significantly above $4,000, owing in large part to the chances of Ether ETF approvals in June. The buildup of whales and their improved holding mindset support this positive viewpoint even more. The Ether had a value increase of over 67% thus far this year.  

Ether was in the breakout phase of its common falling wedge pattern as of June 1. A falling wedge is a bullish reversal pattern with two descending and convergent trendlines. Technical analysis generally states that this pattern resolves when the price breaks above the upper trendline and rises to the maximum height of the wedge

With an increase in trading volume, ETH’s price broke above the wedge’s upper trendline on May 20, confirming its trend to achieve the upside target of the pattern by the end of June, at about $4,255, up 12.65% from the current price levels.

Curiously, the current breakout is a component of a bull flag pattern, distinguished by two parallel and slope downward trendlines. Technical analysis generally states that bull flags stop when the price crosses the upper trendline and rises to the height of the preceding uptrend. By the end of June or the beginning of July, ETH might reach $6,000.

The richest whales of Ethereum accumulate ETH

Ether’s richest whale cohort provides more support for its ability to reach $4,000.The Ether supply held by entities with a balance of 10 million to 100 million ETH (black), according to on-chain data resource Santiment, has climbed by around 0.5% since May 20, when reports began to circulate regarding the U.S. 

The Securities and Exchange Commission (SEC) is reconsidering its decision to reject spot Ether ETFs.The accumulation came as the price of ETH increased by 19.25% about the USD. It kept rising when spot Ether ETFs were formally approved by the SEC on May 23. However, the amount of Ether held by entities with a 1 million–10 million ETH balance decreased dramatically during the ETH price surge, suggesting profit-taking. But at the same time, the Ether reserves of every cryptocurrency exchange have suddenly plummeted.

The fact that most investors are withdrawing their ETH holdings from cryptocurrency exchanges points to a growing pull trend among investors and increases the likelihood that Ether will continue to surge beyond $4,000 in June.

Spot Ether ETFs May Boost ETH Above $4,000

Analysts say there’s a “legit possibility” that exchange-traded funds (ETFs) for spot Ether (ETH) in the United States may go live by the end of June after BlackRock updated the Form S-1 for its iShares Ethereum Trust (ETHA) with the SEC.

Bloomberg ETF analyst Eric Balchunas predicted that spot Ether ETFs would take up 10% to 15% of the inflows. Spot Bitcoin ETF inflows have totaled $13.85 billion since they were introduced in January. Since Ether ETFs launched successfully in June and received significant financial inflows, there might be a rise in demand for ETH as well. These factors could push Ether’s price above $4,000 during the next 30 days.