ETH Surges 8%: 'You Haven't Seen What Ethereum Is Capable Of In This Cycle,' Analyst Warns

Ethereum (CRYPTO: ETH) is up 8% over the past 24 hours and multiple bullish technical indicators are fuelling speculation about an upcoming altcoin season.  

What Happened: In a podcast published on June 9, prominent crypto analyst Kevin argued that Ethereum is exhibiting rare and powerful technical setups that could signal the beginning of one of the strongest altcoin rallies in years.

He pointed out that several monthly indicators are reaching levels “never seen before” in crypto history.

A key highlight was Ethereum's latest monthly demand candle, which Kevin compared to those that preceded major rallies in 2016, 2018, and 2020. “The one we just received may be the most textbook example yet,” he said, noting these formations often precede 4–12 months of sustained upside.

Kevin also emphasized that Ethereum's monthly RSI (Relative Strength Index) has yet to break the 70 mark in this cycle, a sign he believes indicates untapped upside.

"You haven’t seen what Ethereum is capable of in this cycle," he said. "The real party starts when we break 70, and we're not even close yet."

Further strengthening the bullish case, Kevin pointed to the whale money flow indicator, which is rebounding from its most oversold point in history.

Ethereum’s monthly stochastic RSI is showing a sharp V-shaped recovery, which he described as “aggressive, aggressive strength.”

Also Read: Bitcoin, XRP, Dogecoin Up 2%, ETH Surges 7% Amid Regulatory Tailwinds

Why It Matters: Kevin attributes Ethereum's setup to a combination of technical positioning, seasonal trends, and growing anticipation of a shift in monetary policy.

ETH has now been consolidating against Bitcoin for 1,066 days, significantly longer than the 761 days seen in the previous cycle before altcoins began to outperform.

The Total 2 chart (which tracks all cryptocurrencies excluding Bitcoin and Ethereum) is also flashing bullish patterns.

Kevin identified a macro ascending triangle formation that could push the market cap of altcoins to as high as $5.89 trillion, stating, "Everything is lining up beautifully."

Separately, Byzantine General noted that open interest in Ethereum derivatives has surged by $2 billion in the last day. Despite ETH trading at range highs, funding rates remain neutral, a setup that could lead to pain for short sellers.

Read Next:

• Ethereum Books Record Institutional Inflows, XRP Sees Outflows: What Is Going On?

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