Ether may experience further gains in the coming weeks if it continues to hold above the key $2,400 support level, according to a crypto analyst.
“So far, so good for ETH,” Michaël van de Poppe, founder of MN Trading Capital, noted in a post on X Thursday.
ETH Could Be on the Verge of the Reversal the Market Has Been Anticipating
“Holding above this key range low increases the likelihood that we’ll test the upper end of the range in the coming weeks,” van de Poppe added.
At the time of writing, Ether is trading at $2,452, reflecting a 7.45% decline over the past 30 days, according to CoinMarketCap data.
ETH reached a high of $2,871 on June 11 but began trending downward the following day after Israel launched airstrikes on Iran, triggering a broader sell-off across financial and crypto markets.
Historically, the third quarter has been Ether’s weakest, with an average return of just 0.88% since 2014, according to data from CoinGlass.
Despite this seasonal trend, other analysts echoed van de Poppe’s optimistic outlook. Crypto commentator Crypto Fella pointed to the falling ETH/BTC ratio—which measures Ether’s performance relative to Bitcoin—as a potential signal of an upcoming rally.
“It’s almost time for the long-expected reversal,” Crypto Fella said. At the time of writing, the ETH/BTC ratio stands at 0.02275, down 6.84% over the past month, according to TradingView.
Interest from major Ether buyers has drawn attention, with crypto trader Quinten Francois highlighting Glassnode data showing that whales snapped up 1 million ETH on June 16—marking “the LARGEST daily buy since 2018,” he noted.
Retail demand is also gaining momentum. Wednesday marked the third consecutive day of inflows into spot Ether ETFs, with $60.4 million added that day and a total of $232.4 million over the three-day period, according to Farside data. On June 14, spot Ether ETFs recorded a milestone 19-day streak of consecutive inflows.
Altcoin Season Remains Subdued This Time, Analyst Says
On June 11, Santiment analyst Brian Quinlivan told Cointelegraph that there was a “high level of optimism toward Ethereum.”
“More and more eyes have turned to Ethereum,” he said, noting that the asset has been “playing catch-up since markets began their recovery in mid-April.”
However, Crypto Fella cautioned that the upcoming altcoin season—typically expected to follow a strong ETH rally—might be more subdued compared to previous cycles.
“Make sure to hold the right alts, as not all of them will take off in the coming altseason,” they advised.
