Ethereum Shows Signs of Potential Reversal Above Key Level
A crypto analyst suggests Ether (ETH) could see further price gains in the coming weeks should it maintain its position above the crucial psychological $2,400 support level.
Analysts Point to Potential Upward Reversal
MN Trading Capital founder Michaël van de Poppe indicated cautiously positive sentiment for ETH. “So far, so good for ETH,” he stated in an X post on Thursday. He explained, “Holding above this crucial range low, we’re likely going to be testing the other side of the range in the upcoming weeks.”
Current trading places ETH slightly above $2,450. However, eth has faced a downtrend since briefly hitting a near-$2,871 peak on June 11, a day following Israel’s airstrikes on Iran, an event credited with dampening market spirits across both traditional finance and the crypto sphere.
Historical Context and Technical Indicators
Ethereum’s historic performance often presents a challenge, with the third quarter averaging just a 0.88% return since 2014, according to CoinGlass. Yet current attention focuses on the near-term technical structure.
Optimism also stems from falling ETH/BTC, often interpreted as Ether strengthening relative to Bitcoin. Crypto commentator Crypto Fella highlighted this declining ratio, commenting, “It’s almost time for the long-expected reversal.” At the time of reporting, the ETH/BTC ratio was around 0.02275, down significantly over the past month.
Bullish Activity Detected Through On-chain Metrics
Increased bullish conviction appears evident. Crypto trader Quinten Francois highlighted a significant whale purchase: Glassnode data confirmed large holders bought 1 million ETH worth approximately $286 million in a single transaction on June 16, the largest single-day acquisition since 2018.
Simultaneously, a distinct shift is seen among individual investors. Retail buying has strengthened via spot ETFs, logging a record 19-day streak of consecutive inflows earlier this week (June 14). Wednesday specifically saw an inflow of $60.4 million, contributing to a three-day total inflow of $232.4 million.
Analysts Gauge Market Expectations
__, an analyst acknowledged the current optimism, observing during mid-April’s market stabilization, “More and more eyes have turned to Ethereum,” with ETH “playing catch-up.” However, another commentator suggested this cycle’s “altcoin season”—traditionally anticipated after an ETH rally—may feature a more selective response: “Make sure to hold the right alts as not all of them will start running in the coming altseason.”
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.
