According to Cointelegraph: Ethereum's native token Ether is set to break the $4K benchmark in June, bolstered by anticipation of potential Ether ETF approvals and large-scale Ether accumulation by cryptocurrency 'whales.' Emerging from a falling wedge pattern, a traditional bullish reversal pattern, on May 20, ETH has demonstrated 67% growth thus far in 2024.
On-chain data resource Santiment reported a 0.5% increase in Ether holdings by entities with a balance between 10 million and 100 million ETH since May 20, when rumours of the U.S. Securities and Exchange Commission (SEC) reconsidering spot Ether ETF denials peaked. As the news of SEC's official approval emerged, ETH's price ascended by 19.25%.
Starting from June, Ether (ETH) entered the breakout phase from falling wedge patterns and bull flag patterns, configuring a potential target of $4,255 by the end of the month. As Ethereum whales, entities holding a balance between 10 million to 100 million ETH, continue accumulating, the market sees a decreasing Ether supply in cryptocurrency exchanges, indicating a growing sentiment for long-term holding.
Furthermore, approval for spot Ether ETFs predicted for late June, encapsulated by BlackRock's updated Form S-1 for its iShares Ethereum Trust (ETHA) with the SEC, is expected to boost the valuation and push Ether's price above the $4,000 threshold over the next 30 days.
