According to analyst Michaël van de Poppe, Ethereum is undergoing a healthy market reset after failing to sustain a recent breakout.
The asset tested resistance at $2,600 but couldn’t push higher, triggering a liquidity sweep on the long side.
With the rally stalling, van de Poppe now expects ETH to seek lower levels to collect new liquidity before initiating another upward move.
Key Support Zone: $2,400 in Focus
Van de Poppe highlights $2,400 as the next logical level for a test. This area could act as a launchpad for the next bullish leg, especially if the price stabilizes and reverses upward from there.
“I wouldn’t be surprised if we see a test at $2,400 before we reverse,” he noted.
Trend Still Favors Bulls
Despite the pullback, van de Poppe maintains a bullish bias. He points out that the broader trend has already shifted upward, which makes this correction a potential buying opportunity rather than a cause for concern.
In his view, Ethereum remains a dip-buying setup, with the market simply resetting before the next move. Traders watching for continuation should keep an eye on $2,400 as a key support.
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