Key takeaways:
Ether’s price is up 46% in 30 days.
ETH/BTC is up 30% in the past month, signaling stronger demand for Ether.
Spot Ethereum ETFs see 12 consecutive days of inflows.
Ether’s price is up by 7% over the last three days, leading to optimism among traders that the biggest altcoin is ready for a breakout. Interestingly, the ETH/BTC trading pair has also increased, boosting Ether’s recovery prospects in the coming days.
Traders expect ETH price recovery to continue
Data from Cointelegraph Markets Pro and TradingView showed Ether’s (ETH) price trading at $2,630, up 46% over the last 30 days.
“ETH appears poised for a significant upward breakout,” said MN Capital founder Michael van de Poppe in a June 3 post on X.
An accompanying chart showed the ETH/USD pair trading above a key support area around $2,400 on the six-hour chart.
A key resistance area is between $2,680 (where the 200-day simple moving average currently sits) and $2,850.
According to van de Poppe, ETH price needs to break above this level before making a “new high for the year.”
“Ethereum is trying to reclaim $2,500 as support and solidify it as the new range low of the $2,500-$4,000 macro range,” said fellow analyst Rekt Capital in his latest ETH/USD analysis on X.
The analyst referred to Ether’s close above $2,500 on May 31, which ETH bulls are now trying to flip into support on the monthly chart.
“Ethereum is trying to repeat history and position itself in a similar way to the green circled retest of mid-2021.”
If history repeats itself and Ether holds above $2,500 in June, a significant rally toward fresh all-time highs becomes likely.
Related: Bitcoin could consolidate, but ETH, HYPE, TAO and QNT may resume their up move
Analyst Crypto Eagles said that the ETH price appears to be repeating the 2016-17 technical structure, potentially setting the stage for a rally to $6,000.
Altseason coming? Ether gains on Bitcoin
Ether is up 46% over the last 30 days, outperforming Bitcoin, whose price has risen by 16.5% vs the US dollar over the same period.
The ETH/BTC pair is also up 30% over the last month, reaching a 10-week high of 0.02618 on May 14. ETH/BTC trades at around 0.02503, up 48% from the multi-year low of 0.01766 reached on April 22.
Popular trader Daan Crypto Trades spotted the ETH/BTC consolidating between the 0.022-0.026 range and said that a “break above that should temporarily give another boost to ALT/BTC pairs.”
“If you want to track how altcoins are likely to perform relative to $BTC, one of the main factors will be the $ETH/BTC chart strength.”
As Cointelegraph reported, an ETH/BTC breakout from a cup-and-handle pattern could trigger a 55% rally, signaling the start of a new altseason.
Spot Ether ETF inflows continue
The rise in the ETH/BTC ratio indicates increased demand for Ether, with institutional investors opting for ETH over BTC in the past few days.
US spot Ethereum ETFs have witnessed net inflows for twelve consecutive days.
On the other hand, spot Bitcoin ETFs broke their 10-day streak of inflows last week, recording outflows for three consecutive days between May 29 and June 2, totaling $1.23 billion.
12 consecutive days of inflows into spot Ethereum ETFs “indicates growing interest from institutions and big players in $ETH,” said pseudonymous crypto analyst Coiniseasy in a June 4 post on X, adding:
“Is altseason finally around the corner?”
Additional data from CoinShares revealed that global Ethereum investment products saw inflows totaling $321 million last week, marking the strongest run since late December 2024. Bitcoin ETPs saw $8 million in outflows, ending a 6-week run of inflows totaling $9.6 billion.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
