Ethereum

2024

Bull Flag

when

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/ethereum-price-surges-in-2024" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ethereum Price Surges in 2024</a><br></p>
<p style="text-align: justify">Ethereum has seen a remarkable price increase of approximately 67% in 2024. Analysts suggest that this upward trend may continue into June, based on a combination of on-chain, fundamental, and technical indicators. As of June 1, Ethereum’s daily chart showed a significant breakout from a descending wedge pattern.</p>
<h2 id="what-does-the-chart-reveal">What Does the Chart Reveal?</h2>
<p style="text-align: justify">A descending wedge is typically viewed as a bullish reversal pattern, marked by two converging trend lines that slope downwards. According to <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">technical analysis</a>, when the price breaks above the upper trend line of this pattern, it often rises by the maximum height of the wedge. On May 20, Ethereum’s price surged above this trend line, with increased trading volumes supporting the move. This suggests a potential rise to around $4,255 by the end of June, translating to a 12.65% gain from current levels.</p>
<h2 id="could-a-bull-flag-push-eth-higher">Could a Bull Flag Push ETH Higher?</h2>
<p style="text-align: justify">Interestingly, Ethereum’s breakout seems to be part of a bull flag pattern, which features two parallel downward-sloping trend lines. Technical analysis indicates that when the price breaks above the upper trend line of this pattern, it could rise by the height of the preceding uptrend. This points to a potential target of $6,000 by late June or early July.</p>
<h2 id="investor-activity-insights">Investor Activity Insights</h2>
<p style="text-align: justify">– Increased accumulation by large entities holding 10 million to 100 million Ethereum.<br> – Reduced Ethereum supply on exchanges, signaling potential for further price appreciation.<br> – Contrasting behavior between different sizes of Ethereum holders, with some taking profits and others accumulating.</p>
<p style="text-align: justify">Ethereum’s prospects appear promising, bolstered by significant interest from large investors. Data from blockchain analysis platform Santiment shows that entities with holdings between 10 million and 100 million Ethereum have increased their supplies by approximately 0.5% since May 20. This accumulation aligns with the price rise in the ETH/USD pair and continued after the US Securities and Exchange Commission (SEC) approved spot Ethereum ETF funds on May 23.</p>
<p style="text-align: justify">Conversely, entities with 1 million to 10 million Ethereum notably reduced their holdings during the price surge, indicating profit-taking behaviors. However, the overall Ethereum reserves across cryptocurrency exchanges have significantly declined, suggesting that most investors are moving their holdings off exchanges. This trend could be a strong indicator of increased accumulation sentiment, potentially pushing Ethereum prices above $4,000 in June.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/ethereum-price-surges-in-2024" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ethereum Price Surges in 2024</a></h5>

Ethereum Price Surges in 2024

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