Ethereum (ETH), the second-largest cryptocurrency, has been the center of attention lately as investors closely monitor the activities of large-scale investors, known as "whales," following the Securities and Exchange Commission's (SEC) approval of several spot Ethereum exchange-traded funds (ETFs).

The recent ETF approval has sparked renewed interest in Ethereum's potential price movements. Investors are closely watching for signs of a potential return to the $4,000 mark, a level the cryptocurrency has not reached since the market downturn.

Notably, the Ethereum community has been closely observing significant whale activities on the network. According to data from Whale Alert, three large transfers were made to the cryptocurrency exchange OKEx on May 25, involving 9,019 ETH (approximately $33.8 million), 22,429 ETH (approximately $84 million), and 26,925 ETH (approximately $100.8 million). The total value of these three transactions amounted to 58,373 ETH, or $118.6 million, leading to various speculations about the future direction of Ethereum.

Historically, large transfers to exchanges have sometimes been precursors to significant price movements, as investors position themselves for upcoming sales or major market events. This has led to increased scrutiny and analysis of Ethereum's potential future price.

Artificial intelligence tools have been utilized to forecast Ethereum's price, and according to their data, the cryptocurrency could reach $3,813 on June 1, representing a 2% increase from the current price level. This projection, coupled with the ETF approval, has fueled optimism among Ethereum bulls, who are aiming for the cryptocurrency to surpass its previous all-time high.

Furthermore, a cryptocurrency analyst named RLinda has shared a bullish outlook, stating that if Ethereum can maintain a price above $3,827 and then rise above $4,095, it could pave the way for a new all-time high. However, the analyst also cautioned that history might repeat itself, similar to the price movements seen in Bitcoin after the BTC ETF approvals.

As of the time of writing, Ethereum continues to trade at $3,756, with a 0.23% increase. On a weekly basis, ETH has seen a rise of over 20%. The ETF approval is believed to attract institutional investors, which could further bolster the bullish sentiment surrounding Ethereum and its potential to reach new heights.