Ether (ETH), the native token of the Ethereum blockchain, is poised for further gains in June, according to multiple indicators. The cryptocurrency has already surged roughly 67% year-to-date and could break above $4,000 this month, Cointelegraph said in a report.
Analysts point to a technical chart pattern known as a “falling wedge” that ETH appears to be breaking out of. This pattern typically indicates an impending price increase, with analysts targeting $4,255 by June’s end, a potential rise of 12.65%.
Further supporting the bullish outlook is a potential “bull flag” pattern, suggesting a surge towards $6,000 by July.
Santiment data shows that large investors, holding between 10 million and 100 million ETH, have been accumulating the cryptocurrency since rumors of a potential shift in the US Securities and Exchange Commission’s (SEC) stance on spot Ether ETFs emerged in May. This accumulation coincided with a significant price increase for ETH.
The long-awaited approval of spot Ether ETFs in the US could be another major driver for ETH prices. BlackRock’s recent update to its iShares Ethereum Trust (ETHA) filing with the SEC has sparked speculation that approvals could come as early as late June.
Analysts believe a successful launch of Ether ETFs could lead to substantial capital inflows, mirroring the inflows witnessed by spot Bitcoin ETFs earlier this year. This surge in demand could push ETH prices above $4,000 in the coming weeks.
