Ethereum (ETH) is holding above the critical $2,400 support level, signaling potential for an upcoming rally, according to several crypto analysts. After a sharp retracement from its recent peak, the asset now shows signs of strength despite broader market headwinds.
Crucial Support Holding: ETH Above $2.4K
Crypto analyst Michaël van de Poppe stated that Ethereum maintaining support above $2,400 is a promising sign. He suggested that ETH could soon be “testing the other side of the range,” potentially targeting the $2,800-$3,000 zone if momentum builds.
“Holding above this crucial range low, we’re likely going to test the upper resistance in the coming weeks,” van de Poppe posted on social media.
As of now, ETH is trading at $2,452, having stabilized after falling from a high of $2,871 on June 11 following geopolitical tensions in the Middle East.
Institutional and Whale Interest Builds
Supporting the bullish sentiment, Glassnode data revealed that whales accumulated 1 million ETH on June 16, marking the largest single-day purchase since 2018. This buying pressure aligns with rising inflows into spot Ether ETFs, which saw $232.4 million added over a three-day streak — a key signal of growing institutional confidence.
Additionally, Wednesday recorded $60.4 million in net inflows alone, reinforcing ETH’s role as a core crypto asset alongside Bitcoin.
ETH/BTC Ratio Suggests Reversal
Although the ETH/BTC ratio has fallen 6.84% over the past month, some traders see this as an opportunity. Analyst Crypto Fella believes the decline may signal an imminent price reversal, as ETH regains strength against BTC. The ratio currently sits at 0.02275, according to TradingView.
“It’s almost time for the long-expected reversal,” he noted.
Altcoin Season May Be Muted
Despite Ethereum’s potential rally, analysts are cautious about the broader altcoin market. While ETH typically leads altseason cycles, Crypto Fella warned that this cycle may not follow traditional patterns, advising traders to be selective with their altcoin exposure.
Q3 Remains a Cautious Period Historically
Historical data from CoinGlass shows Q3 is usually Ethereum’s weakest quarter, with an average return of just 0.88% since 2014. However, analyst Brian Quinlivan said sentiment is increasingly shifting towards ETH as it plays catch-up from mid-April lows.
Conclusion: Ethereum Poised for Breakout if $2.4K Holds
If ETH can maintain support above $2,400, analysts anticipate a test of higher resistance levels in the near term, fueled by strong institutional interest and large-scale whale accumulation. While external factors and historical trends call for caution, Ethereum’s current market setup suggests bullish potential heading into Q3.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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