Ethereum (ETH) is bullish and aiming for $4,000 in interactions after the SEC gave it a boost. Fortunately, Ethereum investors are waiting to see their cryptocurrency soar in value after the U.S. regulator approved a series of first-sale ETH exchange-traded funds (ETFs).
Notably, there is now much focus on the prospects of Ethereum copying the entire price action of Bitcoin (BTC), which spiked higher after the approval of a similar product. Ethereum experienced a high level of whale activity during the ETF rollout. In the notification compiled by Whale Alert, three significant movements were reported from an unidentified wallet to the crypto trading platform OKEx on May 25.
Two of the exchanges were a transfer of 9,019 ETH ($33,776,166), the second transfer of 22,429 ETH ($83,993,750), and the third and final transfer of 26,925 ETH ($100,832,790) to the exchanges.
These transfers, totaling 58,373 ETH, and considering the .eth price of $2.02, equal to $118,602,706, will raise questions about affecting the price of the second-largest ETH by market cap.
ETH price prediction
Larger amounts of money transferred into exchanges indicate that the owners expect heavy execution shortly. In the past, large moves in either direction were often seen before definitive information was available. They were often related to a large-scale selling campaign or the accumulation of information in anticipation of large events.
To understand projections of how Ethereum’s trading may look in the next few days, BTCRead conducted research with the help of the tool called CoinCodex, which incorporates machine learning.
Alibaba’s substandard business is projected by CoinCodex to be trading at $3,813 by June 1, 2021, after which a 1.8% elevation. This price projection could pave the way for Ethereum with the new record high after approval of the ETF.
However, another trader, RLinda, in her TradingView post, agreed that the ETF’s approval might trigger Ethereum’s upward movement. RLinda mentioned on its chart that if the price of Ethereum closes above $3,827, it begins a new leg up past $4,095, targeting a new record high.
However, RLinda also noted that history may repeat itself in the same manner as it was witnessed with Bitcoin when BTC ETFs were approved. Market makers whose market price fluctuations could trap the target movement through a rapid downward motion before a rise up.
Ethereum price analysis
On the other hand, Ethereum was trading at $3,741 when this article was written. ETH’s weekly chart shows that the asset has recently climbed by over 20%. On the same note, as per the success story of the ETF approval that created a path for attracting institutional investors, ETH bulls should keep striving to defend prices beyond $3,500.
