The price of Ethereum has risen by 7% in the past three days, leading traders to optimistically believe that the largest altcoin is ready for a breakout. Interestingly, the ETH/BTC trading pair has also increased, enhancing Ethereum's recovery prospects in the coming days.
According to data from Cointelegraph Markets Pro and TradingView, the current price of Ethereum (ETH) is $2630, up 46% in the past 30 days.
Michael van de Poppe, founder of MN Capital, stated in a post on X on June 3: "ETH seems poised for a significant upward breakout."
The accompanying chart shows that the ETH/USD trading pair is positioned above the key support area of $2400 on the six-hour chart.
The key resistance area is between $2680 (where the current 200-day simple moving average is located) and $2850.
According to van de Poppe, the ETH price needs to break through this level to set a "new high for the year."
Another analyst, Rekt Capital, mentioned in his latest ETH/USD analysis: "Ethereum is trying to establish $2500 as a support level and set it as the new range low for the macro range of $2500 to $4000."
The analyst noted that Ethereum closed above $2500 on May 31, and ETH bulls are currently trying to turn it into support on the monthly chart.
"Ethereum is trying to repeat history and position itself in a way similar to the mid-2021 green circle retest."
If history repeats itself, and Ethereum stays above $2500 in June, a significant rise is likely, pushing towards new historical highs.
Analyst Crypto Eagles stated that the ETH price seems to be repeating the technical structure of 2016-17, potentially laying the groundwork for a rise to $6000.
Ethereum has risen 46% in the past 30 days, outperforming Bitcoin, which has risen 16.5% against the dollar during the same period.
The ETH/BTC trading pair has also increased by 30% in the past month, reaching a 10-week high of 0.02618 on May 14. The current trading price of ETH/BTC is approximately 0.02503, up 48% from the multi-year low of 0.01766 set on April 22.
Notable trader Daan Crypto Trades observed that ETH/BTC is consolidating in the range of 0.022 to 0.026 and stated: "A breakout from this range should temporarily push ALT/BTC trading pairs higher again."
"If you want to track how altcoins are performing relative to BTC, one of the key factors will be the strength of the ETH/BTC chart."
As reported by Cointelegraph, a breakout from the cup and handle pattern in ETH/BTC could trigger a 55% rise, marking the beginning of a new altcoin season.
The rise in the ETH/BTC ratio indicates increased demand for Ethereum, with institutional investors showing a preference for ETH over BTC in recent days.
The U.S. spot Ethereum ETF has recorded net inflows for 12 consecutive days.
On the other hand, the spot Bitcoin ETF broke a record of 10 consecutive days of inflows last week, recording outflows totaling $1.23 billion over three consecutive days from May 29 to June 2.
Anonymous crypto analyst Coiniseasy stated in a post on X on June 4 that the continuous inflow into the spot Ethereum ETF for 12 days "indicates growing interest from institutions and big players in ETH," adding:
"Is the altcoin season finally coming?"
Additional data from CoinShares shows that last week, global Ethereum investment products recorded a total inflow of $321 million, marking the strongest inflow trend since the end of December 2024. Bitcoin ETPs recorded outflows of $8 million, ending a six-week streak of total inflows of $9.6 billion.
This article does not contain investment advice or recommendations. Any investment and trading activities involve risks, and readers should conduct their own research before making decisions.
Related: Ethereum (ETH) Major Turnaround: Can this "Digital Oil" Continue to Rise?
Original article: “Ethereum Price Poised for Significant Breakout, ETH Strengthens Against BTC”
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