ETH holds the level of 2,400 dollars, a signal for a new bullish phase?

According to analyst Michaël van de Poppe, Ethereum (ETH) could continue to be bullish in the coming weeks if it maintains above the important threshold of 2,400 dollars.

"So far, ETH is still stable," Michaël van de Poppe – founder of MN Trading Capital – shared on platform X on Thursday.

ETH is about to reverse

"If it can hold above this important support zone, ETH is likely to test the upper end of the trading range in the coming weeks," van de Poppe added.

At the time of writing, ETH is trading around $2,444, down 7.2% over the past 30 days, according to data from CoinMarketCap.

ETH reached a peak of $2,871 around June 11, before entering a bearish trend the following day due to Israel conducting airstrikes in Iran, causing the financial and cryptocurrency markets to plummet.

ETH/USDT 1-day price chart | Source: TradingviewAccording to data from CoinGlass, the third quarter of each year is considered the weakest period for ETH, with an average profit of only 0.88% since 2014.

However, some other analysts also agree with van de Poppe's optimistic view. Crypto Fella commentator believes that the ETH/BTC ratio, a measure of ETH's strength compared to Bitcoin, is declining – which could be a sign that the bullish trend is approaching.

"The long-awaited turning point is approaching," Crypto Fella commented.

As of the time of writing, the ETH/BTC ratio is at 0.02278, down 6.84% over the past month.

ETH/BTC 1-day price chart | Source: TradingviewThe interest from major investors in ETH has not gone unnoticed. Trader Quinten Francois cited data from Glassnode stating that whales purchased 1 million ETH on June 16, which he considers "the largest purchase in a single day since 2018."

Retail investor buying activity is also increasing, as last Wednesday marked the third consecutive day of inflows into Ethereum spot ETFs, with $60.4 million added on the day and a total of $232.4 million over three days, according to data from Farside.

On June 14, Ethereum spot ETF funds recorded a continuous inflow of 19 days - a new record.

This altcoin season may not be as lively as before

On June 11, Santiment analyst Brian Quinlivan shared that there is a "high level of optimism for ETH."

"More and more attention is being focused on Ethereum," he said, adding that ETH "is gradually catching up since the market started to recover in mid-April."

Meanwhile, Crypto Fella warns that the upcoming altcoin season – often expected to occur after ETH rallies – may not be as vibrant as previous cycles.

"Make sure you are holding the right altcoins, as not all will be bullish in the upcoming altcoin season," they added.

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