Ethereum Reclaims $3.5K, Dubbed ‘Most Bullish Altcoin’
Ether’s (ETH) price is currently trading 15% below its multi-year high of $4,091, which was achieved on March 21. This dip reflects a 7.5% loss in its value over the recent week. Despite the downturn, some analysts maintain that Ether remains one of the altcoins with the most significant potential for gains currently. Michael van de Poppe, founder of MN Capital, expressed his optimism about the ETH ecosystem and stressed its critical support level in a post on June 14.
Van de Poppe referenced the recent decline in Ether’s price, pointing out that it came shortly after the U.S. Securities and Exchange Commission (SEC) approved spot Ethereum Exchange-Traded Funds (ETFs). Following the SEC approval, ETH experienced a 13% drop to a low of $3,426 on June 13. Despite this, van de Poppe anticipates a gradual uptrend, driven by momentum building towards the launch of the Ethereum ETF, which is expected to go live in July.
Data from market intelligence firm IntoTheBlock supports this outlook, showing that ETH has strong support just below the $3,400 level. The In/Out of the Money Around Price (IOMAP) analysis indicates that a significant demand zone exists between $3,266 and $3,371. In this range, approximately 1.36 million ETH had been purchased by around 2.86 million addresses, providing a buffer against further price drops.
Pseudonymous technical analyst Yodda added to the cautious optimism by noting that Ether had recently rebounded from this support level, marking a candlestick close above its yearly highs. Historically, such movements have often preceded significant price growth for Ether. Yodda suggests that if this historical pattern holds, ETH could embark on a parabolic rise, potentially reaching an upside target around $20,000. This would position Ether as one of the most promising cryptocurrencies in terms of price appreciation.
Ethereum’s optimistic outlook is further bolstered by increased investor accumulation. This accumulation is evidenced by substantial outflows from centralized exchanges, likely fueled by positive expectations surrounding the upcoming spot Ether ETF launch. CryptoQuant data reveals that about 460,000 ETH, valued at $1.58 billion at current rates, was withdrawn from centralized exchanges between June 9 and June 11. Such significant outflows are generally seen as a bullish indicator for the cryptocurrency.
Crypto analyst Daan Crypto Trades also highlighted a “massive net outflow” of ETH from Coinbase, a major U.S.-based cryptocurrency exchange, on June 11. This date coincided with Ether’s most considerable correction since April 30. The analyst noted that these outflows could be attributed to various factors but stated that rising net outflows are a positive sign for ETH’s price trajectory.
One possible reason for these significant outflows is increased activity by Ethereum whales. Ali Martinez pointed out that these large holders have been capitalizing on the recent price dips to accumulate more Ether. This whale activity creates additional demand-side pressure while reducing the available supply on exchanges.
This combination of heightened demand and shrinking supply is expected to generate a supply deficit, which is likely to drive Ether’s price above the $4,000 mark and potentially lead to a parabolic uptrend. Given these dynamics, Ether remains one of the most bullish altcoins in the market, with promising prospects for substantial gains in the near future.
27 thoughts on “Ethereum Reclaims $3.5K, Dubbed ‘Most Bullish Altcoin’”
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Every dip feels like a carnival ride with ETH, but the trajectory always seems to go up in the long run. Ready for the next bull run!
ETHs dip post-ETF approval seems like a buying opportunity! Accumulation trends are bullish. Cant wait for the next uptrend!
ETH has proved resilient, and the current dip seems like a setup for a major comeback. Excited to see it reach new heights!
ETH has strong support? Tell that to my dwindling portfolio.
I’m tired of these predictions that never materialize. Last week’s dip really shook my confidence. 😤
Van de Poppe and Yodda’s insights make me super optimistic. ETH to the moon soon! 🚀🌕
Ethers looking stronger with all these positive indicators. Ready to ride the next wave up!
Looking at ETHs history of rebounds post-dips, Im optimistic were on the brink of a major move! ETH to $20k? Sounds good to me!
Despite the dip, it looks like ETH is about to take off again! Van de Poppe and Yoddas analysis has me feeling optimistic about a strong rebound. Lets go, ETH!
Ethereums ecosystem continues to thrive. With positive analyst perspectives and looming ETFs, the sky’s the limit!
ETH below its all-time high might just be the calm before another major uptrend. Holding firm and optimistic!
It’s hard to stay optimistic when ETH keeps hitting new lows. 😢
Yodda’s predictions are just fantasy at this point. Where’s the parabolic rise?
Market data confirms ETHs strong support zone. This is just a dip in the ocean for ETHexpecting big things ahead!
Increased whale activity and investor accumulation? Sounds like ETH has major bullish momentum brewing! HODLing my ETH tight!
High outflows are only a bullish signal if something actually happens. Evidence around $4k is just speculation.
Investing in ETFs only to watch ETH nosedive… thanks for nothing!
Analyzing ETHs price patterns gives me high hopes. The downturn is temporary, and the solid support levels should usher in a brighter future!
These so-called analysts need to get their facts straight. The market’s a mess. 👀
ETH’s price fluctuations are exhausting. How is this considered promising?
This is just a temporary setback for ETH. With such strong fundamentals and support, a parabolic rise seems very possible! Exciting times ahead!
Those outflows from centralized exchanges are a paradigm shift! ETH seems ripe for a rally back above $4,000. 🌟💸
All this talk of a parabolic rise feels like a pipe dream with current market conditions. 🙄
The fact that 1.36 million ETH were bought around the $3,266-$3,371 range is so reassuring. We have strong support, and Im hopeful for a significant rebound soon.
Too much hype around Ethereum ETFs, but where are the results?
Another week, another disappointing ETH performance. When will it actually turn around?
The data speaks for itself. With robust support levels and whale accumulation, ETH is setting up for a win.