Ethereum (ETH) could move towards the $4,000 level. Ethereum, which has increased by 67% since the beginning of the year, may continue its upward trend in June.

On June 1, Ethereum was observed to enter the breakout phase of the falling wedge formation. This formation is a bullish reversal formation formed between two descending and converging trend lines.

According to technical analysis, in order for this formation to be completed, the price must exceed the upper trend line and rise to the maximum height of the wedge.

On May 20, it was observed that the Ethereum price broke above the upper trend line of the wedge along with the increase in trading volume. If this momentum continues, Ethereum's target price could rise as high as $4,255.

Additionally, the accumulation of Ethereum whales also supports this rise. The Ethereum supply held by wallets with 10-100 million ETH balances has increased by 0.5% since May 20. This accumulation coincides with the 19.25% rise in the Ethereum price.

However, a sharp decline in Ethereum supply held by wallets with 1 million-10 million ETH balances has been observed, likely due to profit selling.

Additionally, the decline in Ethereum supply on crypto exchanges suggests that long-term investors are hedging their assets.

According to analysis, there is a "legal possibility" that spot Ethereum exchange-traded funds (ETFs) in the US could be launched by the end of June after BlackRock updates its iShares Ethereum Trust (ETHA) application S-1 filing. This situation may also support Ethereum's appreciation. $ETH