Back to main

Ethereum’s Ether Token Surges 67% in 2024, Bullish Patterns Suggest Continued Rise

Ethereum‘s native token, Ether, has seen a significant increase of approximately 67% in 2024 and might continue to surge in June according to various on-chain, fundamental, and technical indicators.

As of June 1, Ether was observed in the breakout stage of a falling wedge pattern, a bullish reversal setup known for its two converging descending trendlines.

The typical resolution of this pattern occurs when the price surpasses the upper trendline, potentially increasing by the height of the wedge.

On May 20, the price of ETH surged above the upper line of the wedge, accompanied by higher trading volumes, indicating a potential target of about $4,255 by the end of June—an increase of 12.65% from its current price.

Additionally, Ether seems to be forming a bull flag pattern, featuring parallel downward-sloping lines. This pattern suggests a price breakout above the upper trendline, possibly reaching $6,000 by the end of June or early July.

The possibility of Ether reaching $4,000 is further supported by increased holdings among its largest investors.

On-chain data from Santiment shows a 0.5% increase in Ether holdings by accounts possessing between 10 million and 100 million ETH since May 20.

This period coincides with speculation about the SEC reevaluating its stance on Ether ETFs.

READ MORE: Franklin Templeton Fires First Shot in Ether ETF Fee War with 0.19% Sponsor Fee Disclosure

Following the SEC’s approval of spot Ether ETFs on May 23, the ETH/USD price experienced a 19.25% surge.

In contrast, holders of 1 million to 10 million ETH decreased their positions, indicating profit-taking.

Moreover, the overall Ether reserves on crypto exchanges have also diminished, signifying a strong hodling sentiment among investors, which could drive prices further up in June.

Analyst views on Ether are optimistic, particularly after BlackRock updated its SEC filing for the iShares Ethereum Trust (ETHA).

Bloomberg ETF analyst Eric Balchunas commented on May 29, “This is a good sign.

“We’ll probably see the rest roll in soon.”

Balchunas had earlier suggested that Ether ETFs might capture 10-15% of the initial inflows seen by Bitcoin ETFs, which have attracted $13.85 billion since their inception in January.

The successful introduction of Ether ETFs and the expected capital inflows indicate a rising demand for ETH, potentially pushing its price beyond $4,000 in the coming month.

To submit a crypto press release (PR), send an email to [email protected].

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Read on Crypto Intelligence Investment Disclaimer