Ethereum (ETH) is currently hovering around $3,800, while Bitcoin fluctuates between $66,800 and $70,000. Despite various market-driven fluctuations, June appears particularly favorable for Ethereum compared to other cryptocurrencies.
What Are June Predictions for ETH?
Last June, the cryptocurrency market seemed calm until the SEC filed lawsuits against major exchanges, Coinbase and Binance. Although history might not repeat itself this year, especially with the SEC potentially softening its stance before the November elections, Ethereum might still have a strong month. Three significant factors suggest ETH may perform well against BTC.
How Does Technical Analysis Look?
The weekly ETH/BTC chart appears optimistic. Sustaining closures above the 0.051BTC level could result in substantial gains for ETH. Analyst Plazma believes ETH’s value is currently undervalued and anticipates a time when 10 ETH will equal 1 BTC.
On-chain data shows a 7.75% increase in transaction volume last week, according to DappRadar. CryptoQuant reports an increase in the number of unique smart contracts on Ethereum, reflecting growing demand and interest, which bodes well for ETH prices.
Bloomberg’s Eric Balchunas recently noted that BlackRock has updated the S-1 form for the iShares Ethereum Trust (ETHA). This indicates that ETH ETFs will be officially listed on exchanges by June, with June 10 being a potential optimistic date for listing. Market participants expect these spot Ether ETFs to significantly boost ETH prices.
Key Takeaways for Investors
- Sustaining closures above the 0.051BTC level could yield significant gains for ETH.
- On-chain data suggests increased transaction volumes and smart contracts activity.
- Approval and listing of ETH ETFs could serve as a catalyst for price increases.
Conclusion
Overall, Ethereum shows promising signs for June with technical analysis, on-chain data, and potential ETF listings favoring a positive outlook. Investors should monitor these developments closely to capitalize on potential price movements.