Ethereum's price has recently experienced a decline, failing to break through the $4,000 barrier. However, this does not necessarily signify the end of the bull run. The price of Ethereum has been declining over the past two weeks, as seen in the daily ETH/USDT chart. This short-term downward trend started when the cryptocurrency was once again turned down at the $4,000 level of resistance.

The market is currently supported by the $3,500 level, which prevents it from falling further. If there is a bearish breakout, there may be a further decline to $3,000 and the 200-day moving average, which is located around the same area. This would be a crucial area since a decline might cause a shift in the overall trend.

Looking at the 4-hour chart, the price is starting to rebound from the $3,500 support zone. A classical bullish reversal pattern has formed a falling wedge and broken above it. If the market can rise over the recent high of approximately $3,650, a rally back to the $4,000 resistance zone is highly probable. A bullish scenario is far more likely with the RSI also rising over 50%.

In addition, Ether (ETH), the native token of Ethereum, has increased by approximately 67% so far in 2024 and may continue its upward trend in June, according to a mix of on-chain, fundamental, and technical indicators. As of June 1, Ether had entered the breakout phase of its current falling wedge pattern.

A falling wedge is a bullish reversal pattern with two downward-sloping, converging trendlines. As a rule of technical analysis, this pattern resolves when the price breaks above the upper trendline and increases by as much as the wedge's maximum height. On May 20, ETH's price surpassed the wedge's upper trendline with a rise in trading volumes, confirming its bias to reach the pattern's upside target of approximately $4,255 by the end of June, a 12.65% increase from the current price levels.

Interestingly, the current breakout also appears to be a component of a bull flag pattern, which is characterized by two parallel, downward-sloping trendlines. As a rule of technical analysis, bull flags resolve when the price breaks above their upper trendline and rises by as much as the previous uptrend's height. This places ETH on track to reach $6,000 by the end of June or early July.

Furthermore, the richest whales of Ethereum are accumulating ETH, which further boosts the likelihood that Ether will reach $4,000. According to on-chain data source Santiment, the Ether supply held by entities with a balance of 10 million to 100 million ETH has increased by approximately 0.5% since May 20, when rumors about the U.S. Securities and Exchange Commission's (SEC) reconsideration of spot Ether ETF denials began.

The accumulation coincided with a 19.25% ETH/USD price boom. It kept growing even after spot Ether ETFs received official approval from the SEC on May 23. Conversely, the Ether supply held by entities with a 1 million to 10 million ETH balance declined precipitously during the ETH price increase, suggesting profit-taking. However, at the same time, the Ether reserves across all cryptocurrency exchanges have recently decreased dramatically.

This demonstrates that the majority of investors are withdrawing their ETH assets from cryptocurrency exchanges, which is a sign of growing holding sentiment and increases Ether's chances of continuing to rise over $4,000 in June. According to experts, there is a "legitimate possibility" that U.S. spot Ether (ETH) exchange-traded funds (ETFs) may debut by the end of June, following BlackRock's decision to update the Form S-1 for its iShares Ethereum Trust (ETHA) with the SEC.

"This is a positive sign. We will probably see the remainder follow suit soon," said Bloomberg ETF analyst Eric Balchunas in a May 29 post on X. Earlier, Balchunas had predicted that spot Ether ETFs would attract 10-15% of the flows that spot Bitcoin ETFs experienced in the early days following their debut.

Spot Bitcoin ETFs have seen a net inflow of $13.85 billion since their launch in January. The successful introduction of Ether ETFs in June, along with substantial capital inflows, suggests a growing demand for ETH. These variables might drive Ether's price over $4,000 in the following 30 days.