Ether could see further upside in the coming weeks if it manages to hold above the crucial $2,400 level, according to a crypto analyst.
“So far, so good for ETH,” MN Trading Capital founder Michaël van de Poppe said in an X post on Thursday.
ETH may see reversal that market has waited for
“Holding above this crucial range low, we’re likely going to be testing the other side of the range in the upcoming weeks,” van de Poppe added.
Ether (ETH) is trading at $2,452 at the time of publication, down 7.45% over the past 30 days, according to CoinMarketCap data.
ETH hit $2,871 around two weeks ago, on June 11, before entering a downtrend a day later after Israel launched airstrikes on Iran that tanked financial and crypto markets.
The third quarter of each year has historically been the weakest for Ether, with an average return of only 0.88% since 2014, according to CoinGlass data.
However, other analysts shared van de Poppe’s bullish view, with crypto commentator Crypto Fella pointing to the declining ETH/BTC ratio, which tracks Ether’s strength relative to Bitcoin (BTC), as a sign that upside may be ahead for Ether.
“It’s almost time for the long-expected reversal,” Crypto Fella said. The ETH/BTC ratio is 0.02275 at the time of publication, down 6.84% over the past month, according to TradingView.
Interest by large buyers of Ether has not gone unnoticed. Crypto trader Quinten Francois pointed to Glassnode data showing whales purchased 1 million ETH on June 16, which Francois noted was “the LARGEST daily buy since 2018,”
Retail buying has also picked up as Wednesday marked the third day of inflows into spot Ether ETFs, with $60.4 million added that day and a three-day total of $232.4 million, according to Farside data.
Related: Ether liquidity sits above $2.5K: Will ETH bulls grab it?
On June 14, spot Ether ETFs posted a record 19-day streak of consecutive inflows.
Altcoin season muted this time around, says analyst
On June 11, Santiment analyst Brian Quinlivan told Cointelegraph there was a “high level of optimism toward Ethereum.”
“More and more eyes have turned to Ethereum,” he said, adding that it’s been “playing catch-up since markets began their recovery in mid-April.”
Meanwhile, Crypto Fella warned that this cycle’s upcoming altcoin season — often expected to follow a strong Ether rally — may be more limited than in the past.
“Make sure to hold the right alts as not all of them will start running in the coming altseason,” they added.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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