Michael van de Poppe: Ethereum will rise if it holds a key resistance level

According to crypto analyst Michael van de Poppe, if Ethereum ETH $2,421.74 Bridged Ether (StarkGate) -0.21% Market capitalization $0.15 billion VOL. 24 hours $1.01 billion stays above the important $ 2,400 level, there may be potential for further price growth in the coming weeks. At the time of publication, ETH is trading at $ 2,452, a 7.45% drop over the past month. In mid-June, the rate reached $ 2,871, but after the geopolitical news, it went into a downward trend.

De Poppe points out that the third quarter is traditionally weak for Ethereum, with an average increase of only 0.88% since 2014. However, some market participants expect a correction and the potential for recovery: according to Glassnode, on June 16, the so-called «whales» purchased 1 million ETH, the largest purchase in a day since 2018. Also, record inflows into spot Ether ETFs continue: in just three days, investors have invested $ 232.4 million.

At the same time, the ETH/BTC ratio remains low and has decreased by almost 7% in a month, which may signal a future market reversal in favor of Ethereum. However, analysts warn that this time the «altcoin season» may be less active than in previous cycles, and not all altcoins will show strong growth.