Why Ethereum's Next Move May Surprise Traders?

Key Insights

• Michaël van de Poppe says Ethereum has not broken out yet and expects the next push higher to catch traders off guard.
• Spot ETH ETFs lost $138.02 million last week, one week after taking in $689.88 million.
• ETH is stuck under $2,740 on the hourly chart, with $2,680 and $2,660 as the supports to watch.

Ethereum did not see much action over the past few sessions. ETH price recovered from the $2,660 area, stalled near $2,730, and sold off again, while spot ETF investors pulled money four days in a row.

Analyst Michaël van de Poppe looks at the chart and sees a setup that most traders are underestimating.

Why Ethereum's Next Move Could Be a Surprise

Van de Poppe shared his view in a post on X. Hinting at a possible FOMO, he wrote,

"The fun part with $ETH is that there is no breakout on Ethereum as of yet…the next push upwards will surprise a lot of people."

He gave no price target for Ethereum and no timeframe, so the post reads as a view on positioning and nothing more precise than that.

This Crypto Cycle Might Be Different for Altcoins

In a second post, Van de Poppe said he expects this cycle to play out differently from earlier ones, including in which projects are worth owning. In earlier cycles, the newest altcoins outperformed, so investors were pushed toward whatever had just launched.

He doesn't expect a repeat, and the reason is that the 2024 bull run was so weak for altcoins overall. He would rather see a team prove it can keep improving its product until it reaches product-market fit, and he named AAVE, LINK, and NEAR as examples. He wrote,

"Very bullish on all those 'older' protocols much rather than new shiny ones."

Ethereum ETFs Record $138M in Weekly Outflows

Fund flows are not backing the bullish view yet. SoSoValue data shows spot Ethereum ETFs posted a net outflow of $138.02 million for the week ending October 2. The week before, the same funds took in $689.88 million.

The daily numbers show how the week turned. September 28 brought a small inflow of $17.10 million. After that came four red days in a row, with $2.81 million leaving on September 29, $59.58 million on September 30, $55.37 million on October 1, and $37.36 million on October 2.

ETH Price Analysis: Can it Finally Confirm Breakout?

On the hourly chart, the short-term picture favors sellers. The recovery from $2,660 built a series of higher lows toward $2,730 and then stalled.

Price was rejected above $2,730, and a red candle followed on a clear jump in volume. This points to real selling pressure between $2,720 and $2,700.

The MACD histogram reads -6.83 and has been growing more negative. The 6-period RSI is at 30.67, close to oversold, with the 12-period at 39.96 and the 24-period at 46.10.

An oversold reading does not guarantee a bounce, and ETH can still slide toward $2,680 or $2,660 before buyers show up.

The levels are clear. If ETH loses $2,680 on strong volume, $2,660 comes next, and below that sits $2,635, the major swing low on this chart. Bulls need to reclaim the $2,720 to $2,740 zone first.

An hourly close above $2,740 would make the sell-off look like a pullback, and it would open the way to resistance at $2,755 to $2,780.

A move above $2,780 would be the first real evidence of the breakout Van de Poppe is waiting for. Until then, the bias stays bearish, and the reaction between $2,680 and $2,660 will show whether this is a dip or the start of another leg lower.