This Development in Ethereum May Create New ATH Levels: Here are the Details.

Important developments continue to occur in the crypto market. Ethereum price is up nearly 67% so far in 2024 and could continue its upward moves in June based on a mix of on-chain, fundamental and technical indicators. As of June 1, the breaking phase of the falling wedge formation, which dominates the daily chart of Ethereum, was on the agenda.

Falling wedge; It stands out as a bullish reversal formation characterized by two descending, converging trend lines. As a rule of technical analysis, this formation resolves when the price breaks above the upper trend line and rises by the maximum height of the wedge. A Prize Pool Worth 21 Million TL is Awaiting You from #BinanceTR ! Participating and winning has never been easier. Sign up to BinanceTR from this link and get your first crypto!

On May 20, the price of Ethereum broke above the upper trend line of the wedge along with an increase in trading volumes, confirming the formation's tendency to reach its upside target at approximately $4,255 by the end of June, up 12.65% from current price levels.

Interestingly, the ongoing breakout appears to be part of a bull flag pattern characterized by two parallel downward sloping trend lines. As a rule of technical analysis, bull flags resolve when the price breaks above the upper trend line and rises by the height of the previous uptrend. This suggests that Ethereum could rise to $6,000 by the end of June or early July.

Ethereum's potential to reach $4,000 is getting stronger from the richest whale cohort. According to Blockchain data analysis platform Santiment, the Ethereum supply held by organizations with a balance of 10 million - 100 million #Ethereum has increased by approximately 0.5% since May 20, when the US Securities and Exchange Commission (SEC) rumors emerged. Reconsideration of spot #Ethereum ETF rejection has begun.
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