Ethereum Priming for $4,000, Traders Pulling ETH from Exchanges in Droves

Ethereum is moving higher at spot rates as bulls looks at March 2025 highs of $4,100. Approval of spot ETH ETFs will be huge for prices

Dalmas Ngetich•Wednesday, June 5, 2024•1 min read

Ethereum, like Bitcoin, is tracking higher, looking at the performance in the daily chart. Even though the coin remains within a consolidation with clear caps at $3,700 and $3,900, the uptrend remains. Still, for this to be confirmed, there must be a welcomed close above $4,000 and, ideally, March highs. Before then, the June 4 expansion is a boost for bulls considering the upside momentum which had slowed down after the surge on May 20.

The uptrend is clear. Nonetheless, prices are within a range, as mentioned above. Ethereum is relatively stable. The static participation, now around $13 billion at spot rates, illustrates this state of affairs. If volatility increases today, the average trading volume will also likely rise, signaling interest from the community.

Ethereum daily chart for June 5

The following Ethereum news events might catalyze demand, helping revive ETH bulls:

Prices are firm, and bulls are upbeat primarily because of spot Ethereum ETF expectations. Now, analysts project that these derivative products, once approved in the United States, will mop up to over 1 million ETH in less than six months after launch.
Traders and investors are increasingly withdrawing their coins from leading crypto exchanges like Binance and Coinbase. According to statistics, ETH reserves in these centralized platforms now stand at roughly 10% of the circulating supply, the lowest in years.