The crypto market continues to see important developments. Ethereum's price has surged by about 67% in 2024 so far, and a combination of on-chain, fundamental, and technical indicators suggests it could keep rising in June. By June 1, Ethereum's daily chart highlighted the breakout phase of a descending wedge pattern.

Ethereum Chart Insights

The descending wedge pattern is significant as it signals a potential bullish reversal. This pattern features two descending, converging trend lines. According to technical analysis principles, the price typically breaks above the upper trend line and climbs by the maximum height of the wedge. For up-to-date financial and business news, visit COINTURK FINANCE.

On May 20, Ethereum's price broke above the upper trend line of the wedge with increased trading volumes. This confirmed the potential to reach the formation's upward target of around $4,255 by the end of June, marking a 12.65% increase from current levels.

Interestingly, the breakout seems to be part of a bull flag pattern, which has two parallel downward-sloping trend lines. Technical analysis suggests that bull flags resolve when the price breaks above the upper trend line and rises by the height of the previous uptrend. This implies Ethereum could hit $6,000 by the end of June or early July.

Growing Interest in Ethereum

Ethereum's potential to reach $4,000 is further supported by the wealthiest whale investors. Data from blockchain analysis platform Santiment shows that entities holding between 10 million and 100 million Ethereum have increased their holdings by about 0.5% since May 20, amid rumors of the US Securities and Exchange Commission (SEC) reconsidering the spot Ethereum ETF rejection.

This accumulation coincided with a price rise in the ETH/USD pair and continued after the SEC approved spot Ethereum ETF funds on May 23. Conversely, entities holding between 1 million and 10 million Ethereum have reduced their holdings, indicating profit-taking. However, Ethereum reserves on all crypto exchanges have recently dropped sharply.

This trend of investors withdrawing their Ethereum from exchanges suggests growing accumulation sentiment, which could drive Ethereum’s price above $4,000 in June.

Conclusion

In summary, Ethereum has shown significant price growth in 2024, with technical and fundamental indicators pointing to further increases. The descending wedge and bull flag patterns on its chart, along with the actions of major investors, indicate a bullish outlook. As more investors accumulate Ethereum, its potential to surpass $4,000 in June remains strong.