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U.Today - Cryptocurrency trader and analyst Michael van de Poppe has taken to his social media account to share his prediction of future Ethereum price movements.
"Ethereum to test the highs and continue the run"
Poppe shared an ETH/BTC chart, pointing out that in both April and May, the second-largest cryptocurrency saw “a strong upwards move.” He also noted that in May Ethereum retested the order block (OB), which was a key support level.That line on the chart shows an area where large buying interest exists historically. Therefore, the surpassing of this area signals potential for future price growth and an asset going toward the highs it reached in the past.
The analyst tweeted: “This means that we’re about to test the highs and continue the run.” Currently, Ethereum is changing hands at 0.02463 BTC or $2,601 per coin.
Ethereum Foundation’s moves big ETH chunk
Earlier today, Ethereum Foundation caused a commotion within the community by transferring 1,000 ETH worth roughly $2.6 million to an anonymous address 0xc061...0B6d. This transaction raised eyebrows and speculations that the Foundation is selling ETH again with a risk of pushing the ETH price down.Some commentators under the X post by @lookonchain analytics account about this tagged the AI chatbot Grok, asking it to provide an explanation for this ETH move by the Ethereum Foundation — particularly wondering if an Ethereum sell-off is coming.
Ethereum ETFs score large inflows
On May 29, spot Ethereum exchange-traded funds saw substantial inflows, totaling +30,183 ETH valued at approximately $80.4 million. The largest amount of ETH was scooped up by BlackRock’s iShares Ethereum Trust — 19,977 ETH. Positive inflows also reached two more ETFs, Fidelity Ethereum Fund and VanEck Ethereum Fund. The former absorbed 9,740 ETH, while the latter got 1,098 ETH. The rest of the ETFs either saw zero or negative inflows.Overall, BlackRock has seen weekly inflows of 52,668 ETH. Fidelity has absorbed a total of 26,973 ETH this week.