2024

Bitcoin

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<h2 id="key-points">Key Points</h2> 
<li>Ethereum’s native token, Ether (ETH), has seen a significant rise of around 67% in 2024 and is expected to continue its upward trend.</li> 
<li>On-chain data, fundamental and technical indicators suggest that Ether could potentially reach $4,000 in June.</li> 
Ethereum’s native token, <a href="https://crypto.ro/en/cryptocurrencies/ethereum/">Ether (ETH)</a>, has seen a considerable surge in 2024, with a 67% increase. 
Several indicators, including on-chain data, fundamental and technical aspects, suggest that this upward trend may persist into June. 
<h2 id="ethereum-s-price-patterns-and-predictions">Ethereum’s Price Patterns and Predictions</h2> 
As of June 1, Ether had entered a bullish reversal pattern known as the falling wedge breakout stage. 
Characterized by two descending, converging trendlines, a falling wedge is typically resolved when the price breaks above the upper trendline, rising to the wedge’s maximum height. 
On May 20, ETH’s price broke above the upper trendline of the wedge with increased trading volumes, indicating a potential rise to around $4,255 by the end of June, a 12.65% increase from current levels. 
Interestingly, this breakout appears to be part of a bull flag pattern, characterized by two parallel, downward-sloping trendlines. 
Typically, bull flags are resolved when the price breaks above the upper trendline, rising to the height of the previous uptrend, which could potentially put ETH on track to reach $6,000 by the end of June or early July. 
Further support for Ether’s potential to reach $4,000 comes from its wealthiest investors, known as whales. 
According to on-chain data resource Santiment, the Ether supply held by entities with a balance of 10 million—100 million ETH has increased by approximately 0.5% since May 20. 
This increase coincided with a 19.25% ETH/USD price surge and continued to grow after spot Ether ETFs received official approval from the SEC on May 23. 
However, the Ether supply held by entities with a 1 million—10 million ETH balance declined sharply during the price rally, indicating profit-taking. 
Simultaneously, the Ether reserves across all crypto exchanges have dropped sharply recently, suggesting that most investors are withdrawing their ETH holdings from exchanges, a sign of increased hodling sentiment, which could further boost Ether’s potential to rally in June above $4,000. 
Analysts suggest that there is a “legit possibility” that U.S. spot Ether (ETH) exchange-traded funds (ETFs) could launch by late June following BlackRock’s decision to update the Form S-1 for its iShares Ethereum Trust (ETHA) with the SEC. 
Bloomberg ETF analyst Eric Balchunas commented in a May 29 post on X, “This is a good sign. We’ll probably see the rest roll in soon.” 
Earlier, Balchunas had predicted that spot Ether ETFs could take in 10-15% of the flows that spot Bitcoin ETFs have seen in the earlier days after their launch. 
Spot Bitcoin ETFs have seen a net inflow of $13.85 billion since their launch in January. 
The successful launch of Ether ETFs in June, accompanied by significant capital inflows, suggests there is rising demand for ETH. 
These factors can push Ether’s price above $4,000 over the next 30 days.

June Predictions: Key Indicators Suggest Ethereum’s Surge past $4K

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