Key Notes
- Ether could see further upside in the coming weeks if it manages to hold above the crucial $2,400 level.
- ETH has tested a key resistance band several times, gearing up for a potential breakout.
- A breakdown could signal weakness in the push toward untapped weekly highs.
Notably, the second-largest cryptocurrency has repeatedly tested the resistance zone between $2,720 and $2,860 since May. Crypto analyst Michael van de Poppe noted these retests have been building “stamina” for a potential breakout.
So far, so good for $ETH .
Holding above this crucial range low and we're likely going to be testing the other side of the range in the upcoming weeks. pic.twitter.com/wgkDmyiPlN
— Michaël van de Poppe (@CryptoMichNL) June 26, 2025
He added that investors may see liquidity taken below $2,233 before an upward rally, hinting at a possible short-term pullback.
If Ethereum manages to clear its major resistance zone, it could target a rally toward the $4,000 level last seen in December.
Popular analyst Degen Hardy noted that he will continue to hold his long position as long as Ethereum remains above the $2,400 mark. He explained that a breakdown from this level could indicate that bulls are struggling to reclaim untapped weekly highs.
$ETH UPDATE 📊
Still in my LONG position as long as we hold above this zone ($2.4K)
Will cut it if we break down, bulls are struggling to get to the untapped weekly above.
Watching closely, lock in profits if you haven't done so already. pic.twitter.com/Psg9VdF7I4
— Hardy (@Degen_Hardy) June 27, 2025
Smart Money Pours Into ETH
Meanwhile, on-chain data shows that large buyers continue to accumulate Ether. Glassnode shows that whales purchased 1 million ETH on June 16, marking the largest single-day buy since 2018.
Whales bought nearly 1,000,000 $ETH in ONE DAY
The LARGEST daily buy since 2018 🚨 pic.twitter.com/dKjMzVjVoN
— Quinten | 048.eth (@QuintenFrancois) June 26, 2025
Retail interest is also gaining momentum, with spot Ether ETFs recording over $200 million in inflows this week. However, on June 26, they recorded a net outflow of $26.46 million, according to data from SoSoValue .
At the time of writing, Ethereum is trading near $2,450, down approximately 2% in the past day. ETH shorts remain at elevated levels, leading to speculation about a potential short squeeze if sellers are forced to exit rapidly.
ETH Price Outlook, $4,000 Next?
On the daily ETH price chart , Ethereum is consolidating close to the Bollinger Bands’ midline (20-day SMA). This indicates a potential for expansion, opening pathways to $3,200 and $4,000.
ETH price chart with RSI and Bollinger Bands | Source: Trading View
The RSI is around the neutral zone and a rise above 50 could signal bullish strength. However, if ETH loses $2,400 support, a retest of lower zones could increase the risk of a sharper correction.
Meanwhile, the MACD remains negative, but the narrowing gap between the MACD line and the signal line hints at a potential bullish crossover if momentum improves. Traders should watch for key support levels at $2,400 and $2,233.
ETH price chart with RSI and Bollinger Bands | Source: Trading View
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