Key Support Level Holds as Ethereum Shows Resilience

Ethereum (ETH) has maintained its position above the critical $2,400 support level, sparking optimism among market analysts. Crypto strategist Michaël van de Poppe suggests this stability could lead to 【$2,871】 retest in coming weeks. The second-largest cryptocurrency currently trades at $2,452, having weathered a 【7.45%】 monthly decline amid broader market turbulence.

Technical Indicators Suggest Potential Upswing

Market charts reveal ETH has formed a consolidation pattern after retreating from its June 11 peak. Van de Poppe notes: ——Holding above this range low positions ETH for testing the upper boundary——. The asset's performance remains 【27.6%】 below its yearly high, presenting what some traders consider an accumulation opportunity.

Institutional Interest Surges Despite Seasonal Trends

Contrary to Ethereum's typical 【0.88%】 average Q3 return since 2014, on-chain data shows whales purchased 【1 million ETH】 on June 16—the largest single-day accumulation since 2018. This coincides with spot Ether ETFs recording 【$232.4 million】 inflows over three consecutive days, reversing previous outflow trends.

ETH/BTC Ratio Nears Potential Reversal Point

The ETH/BTC pairing currently sits at 【0.02275】, having declined nearly 【6.84%】 this month. Analysts interpret this compression as precursor to mean reversion. ——The long-awaited altcoin rotation might finally materialize—— observes Crypto Fella, while cautioning selectivity in altcoin exposure.

Market Sentiment Diverges on Altseason Outlook

Santiment's Brian Quinlivan notes growing Ethereum optimism as network activity increases. However, the anticipated altcoin rally may prove selective, with Crypto Fella advising: ——Prioritize projects with clear utility over speculative tokens——. This nuanced outlook reflects evolving market dynamics since mid-April's recovery.

As the crypto market enters historically volatile months, Ethereum's ability to sustain 【$2,400+】 could determine its medium-term trajectory. With whale accumulation and ETF inflows providing fundamental support, technical analysts await confirmation of the predicted upside breakout.