Ethereum Price Set for Potential Rally Above $2,400, Says Analyst
Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization, could be poised for a significant price rally if it maintains support above the crucial $2,400 level, according to prominent crypto analyst Michaël van de Poppe.
In a recent post on social media platform X (formerly Twitter), van de Poppe, founder of MN Trading Capital, expressed optimism about ETH’s near-term price trajectory, stating, “So far, so good for ETH. Holding above this crucial range low, we’re likely going to be testing the other side of the range in the upcoming weeks.”
At the time of publication, Ethereum was trading at approximately $2,452, reflecting a 7.45% decline over the past 30 days as per CoinMarketCap data. ETH reached a recent peak of $2,871 on June 11, but its price subsequently entered a downtrend following geopolitical tensions triggered by Israel’s airstrikes on Iran, which negatively impacted both financial and cryptocurrency markets.
Despite the recent price volatility, the analyst community appears cautiously bullish on Ethereum’s prospects. Another crypto commentator, Crypto Fella, highlighted the declining ETH/BTC ratio—a metric that gauges Ether’s strength relative to Bitcoin—as a potential indicator of an impending market reversal. Crypto Fella noted, “It’s almost time for the long-expected reversal.” Currently, the ETH/BTC ratio stands at approximately 0.02275, down nearly 7% in the last month according to TradingView data.
Further bolstering Ethereum’s outlook is increased interest from large investors. Data from Glassnode revealed that cryptocurrency whales purchased around 1 million ETH on June 16—the largest single-day buy since 2018, according to crypto trader Quinten Francois. Moreover, retail investor demand appears to be rising as well, with spot Ethereum ETFs recording three consecutive days of inflows totaling $232.4 million as of June 21, including $60.4 million added on that day alone, reports Farside data.
Historically, the third quarter of the year has been one of the weakest periods for Ethereum, with an average return of only 0.88% since 2014, according to CoinGlass analytics. However, increased optimism around Ethereum is evident. Brian Quinlivan, an analyst at Santiment, remarked in a recent interview, “More and more eyes have turned to Ethereum,” adding that the asset has been “playing catch-up since markets began their recovery in mid-April.”
While bullish on Ethereum, some caution remains regarding the broader altcoin market. Crypto Fella warned that the anticipated altcoin season—which often gains momentum following strong ETH rallies—may be more muted this cycle. “Make sure to hold the right alts as not all of them will start running in the coming altseason,” they advised.
In summary, if Ethereum can sustain its current price floor above $2,400, it may test higher price ranges in the weeks ahead, driven by large buyer interest and positive market signals. However, as always, cryptocurrency markets remain volatile, and investors should conduct thorough research and exercise caution when making trading decisions.
This article does not constitute financial advice. Cryptocurrency investments carry inherent risks.
Sources: CoinMarketCap, TradingView, Glassnode, Farside, CoinGlass, MN Trading Capital, Santiment.