According to a cryptocurrency analyst, if Ethereum can maintain above the critical $2400 level, it may see further recovery in the coming weeks.
“So far, ETH has performed well,” said Michaël van de Poppe, founder of MN Trading Capital, in a post on X on Thursday (June 26).
“Staying above this key range low, we may test the other side of the range in the coming weeks,” van de Poppe added.
According to CoinMarketCap, as of the time of writing, Ethereum is trading at $2452, down 7.45% over the past 30 days.
Ethereum reached $2871 on June 11, two weeks ago, before entering a downward trend the following day as Israel launched airstrikes on Iran, causing declines in financial and crypto markets.
According to CoinGlass, the third quarter has historically been Ethereum's weakest quarter since 2014, with an average return of only 0.88%.
However, other analysts share van de Poppe's bullish outlook. Crypto commentator Crypto Fella pointed out the decline in the ETH/BTC ratio, which tracks Ethereum's strength relative to Bitcoin (BTC), as a signal that Ethereum may rise.
According to TradingView, “it’s almost time for the long-awaited reversal,” said Crypto Fella. The ETH/BTC ratio was 0.02275 at the time of publication, down 6.84% over the past month.
The interest of large buyers in Ethereum has not gone unnoticed. Crypto trader Quinten Francois pointed to data from Glassnode showing that whales purchased 1 million ETH on June 16, which Francois noted was “the largest single-day buy volume since 2018.”
According to Farside, retail buying has also increased, with Wednesday (June 25) marking the third consecutive day of inflows into the spot Ethereum ETF, adding $60.4 million that day, totaling $232.4 million over three days.
On June 14, the spot Ethereum ETF set a record for 19 consecutive days of inflows.
On June 11, Santiment analyst Brian Quinlivan told Cointelegraph that optimism around Ethereum is high.
“More and more eyes are turning to Ethereum,” he said, adding that since the market began to recover in mid-April, Ethereum has been “catching up.”
Meanwhile, Crypto Fella warned that the upcoming altcoin season—typically expected to follow a strong rebound in Ethereum—may be more limited than in the past.
“Make sure to hold the right altcoins, as not all altcoins will start to rise in the upcoming altcoin season,” they added.
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Original: “Analyst Says Ethereum (ETH) Holds Steady Above Key $2400 Price, Ready for Upswing”
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