![Ethereum Price Analysis: Will Ethereum Break $4K In June with Whales Accumulating and ETFs Getting Greenlight?](http://media.assettype.com/analyticsinsight%2F2024-06%2F5cff9503-1152-4c31-ba11-3d02607ffad5%2FEthereum_ETFs_A_Detailed_Coverage.jpg?w=480&auto=format%2Ccompress&fit=max)
The crypto market is on the verge of a positive transformation with the recent U.S. Securities and Exchange Commission (SEC) approval of Ether exchange-traded funds (ETFs).
This development signals a powerful shift in the investment landscape potentially making ETH more accessible to a broader range of investors. Jan van Eck, CEO of VanEck and the pioneer in applying for Ethereum ETFs highlights the importance of this move stating it marks a pivotal moment for crypto investments.
VanEck was at the forefront of this initiative, being the first to seek SEC's permission for an Ethereum ETF. Having crossed this initial hurdle, the company is now navigating the subsequent stages of bringing their Ethereum ETF to the market. Although the timeline remains uncertain, the anticipation builds up among investors and market observers alike.
The recent legislative developments also contribute to a clearer regulatory framework for cryptocurrencies. The Financial Innovation and Technology for the 21st Century Act (FIT21), passed in the House on May 8 aims to provide more clarity, although its future in the Senate is still up in the air. Van Eck views these regulatory advancements as crucial steps toward fostering a more structured environment for digital assets.
With Ethereum as the king of altcoins trading at $3,801 and as a 24 hour slight gain of 0.5%, its market cap stands at $456 billion while its 24 hour trading volume at $10 billion. Its influence in driving mainstream crypto adoption is undeniable and this regulatory nod from the SEC not only enhances ETH legitimacy but also opens up new avenues for investors to tap into its potential.
ETH price trajectory is looking promising as it gears up to potentially breach the $4,000 mark in June. It exhibits a bullish momentum following a key breakout from a bullish flag pattern observed on May 20th. Within this flag, Ethereum prices were consolidating, fluctuating between a low of $2865 and a high of approximately $3289. The breakout above this range particularly passing the $3289 mark, has injected additional bullish momentum into the market pushing past the recent lower high of $3717.
The Daily Relative Strength Index (RSI) stands at 64, indicating that the bulls are increasingly showing their influence in the market. The moving averages also, (50 EMA at 3268, 100 EMA at 3392 and 200 EMA at 2868) are all trailing below the current market price, which confirms a strong bullish trend.
Supporting these price movements are various on-chain metrics, including activities by Ethereum whales. On-chain data from Santiment points to multiple whale activities starting May 19, just before the impressive price surge on May 20. These movements suggest that Ethereum investors are possibly accumulating more ETH in anticipation of further price increases.
Analysts believe that these spot Ether ETFs could attract 10-15% of the flows that spot Bitcoin ETFs garnered in their initial days, underscoring the growing investor interest in ETH.
These ETH developments not only emphasize its growing acceptance but also highlight its potential for future growth to $4K and beyond.
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