Ethereum Gains Strength Above $2,400 Level: Investor Confidence is Increasing

Ethereum (ETH) is giving positive signals for an upward trend by successfully holding above the critical $2,400 level. This movement is being closely watched among analysts and investors, and it appears that institutional interest in the market is also increasing.

Recent whale purchases and capital directed towards spot Ether ETFs indicate that institutional confidence in ETH has strengthened during a generally weak third quarter. Analyst Michaël van de Poppe, speaking to COINOTAG, expressed that Ethereum is likely to test the upper band of its current trading range in the coming weeks.

Ethereum Holds Strong Support, A New Rise May Begin

Ethereum has held its support at the $2,400 level, standing firm against market resistance. Despite a 7.45% drop over the past month, maintaining above this level indicates that Ethereum has a strong foundation. Especially in light of the fluctuations triggered by geopolitical developments in the Middle East, ETH's recovery efforts suggest that the market may be able to reprice positively. If this momentum is maintained, it may be possible for the price to experience an upward breakout in the near term.

Institutional Entries and Whale Purchases Increase Confidence

According to Glassnode data, on June 16, large investors purchased approximately 1 million ETH – the largest single-day purchase recorded since 2018. During the same period, interest in spot ETH ETFs also gained momentum; on June 21, there was an inflow of $60.4 million in just one day, while the total inflow over three days reached $232.4 million. This data reveals that both institutional and individual investors' confidence in Ethereum has increased, and they are positioning themselves with expectations of a potential price increase.

The Decline in ETH/BTC Ratio May Signal a Reversal

The ETH/BTC ratio, which shows Ethereum's performance against Bitcoin, has decreased by 6.84% in the last month. While this generally indicates Bitcoin's dominance, analyst Crypto Fella states that this drop could set the stage for a reversal in favor of Ether. The ratio being at 0.02275 suggests that Ether may be relatively undervalued. This could mean that ETH has the potential for a strong rebound and may present opportunities for investors diversifying their portfolios.

The Altcoin Season May Be Softer Than Expected

While positive signals are increasing specifically for Ethereum, a more limited rise is expected in the overall altcoin market compared to previous cycles. Analyst Brian Quinlivan notes that Ethereum is in the process of 'catching' the market recovery, while Crypto Fella warns that the upcoming altcoin season may not be as strong as in past periods. Therefore, investors are advised to be selective and focus on quality projects rather than expecting a broad rise.


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