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- The ETH BTC pair sits near firm support as traders spot steady accumulation signs.
- Large holder accumulation rises sharply while shorter-term traders pull back, hinting at growing confidence.
Ethereum’s recent drop has brought fresh attention. A well-known market analyst, Michael van de Poppe, repeated his positive view on the ETH/BTC pair. He said Ethereum has fallen about 30% against Bitcoin and is now trading in a price zone he considers ideal for accumulation. At the time of his analysis, the pair hovered near 0.033 BTC.
The analyst noted that this area has shown steady support through weeks of pressure from Bitcoin’s sharp losses. The TradingView chart displayed a clear drop from the summer peak near 0.0433 BTC before the price settled into a narrow zone. The analyst also highlighted a recovery of more than 144% from the May low to the August high before the current retrace began.
Van de Poppe stated,
I stand my thesis on $ETH. It’s provided a 30 percent correction against $BTC. However, this is an ideal zone for accumulation and it’s holding up nicely over the past few weeks while Bitcoin has seen the worst week of 2025.
I stand my thesis on $ETH.
It's provided a 30% correction against $BTC.
However, this is an ideal zone for accumulation and it's holding up nicely over the past few weeks while Bitcoin has seen the worst week of 2025.
I don't think that these prices on Ethereum will last for… pic.twitter.com/O3WWENVKwJ
— Michaël van de Poppe (@CryptoMichNL) November 17, 2025
Analyst Flags Tight Ethereum Support Range
The analyst added that he does not expect discounted ETH prices to persist, emphasizing the tight area of support between roughly 0.0320 BTC and 0.0340 BTC. He indicated that this zone captured repeated touches during the autumn slide, hinting at reduced seller strength.
The volume indicator also showed increased activity in the lower range, often read by traders as a sign of steady absorption rather than panic selling. Van de Poppe noted,
I don’t think that these prices on Ethereum will last for long.
Another viewpoint came from Tom Lee, who suggested an echo of Bitcoin’s earlier performance trend. Lee drew a connection to Bitcoin’s behavior beginning in 2017, noting that a previous call for major upside eventually led to a 100x rise after several pullbacks of over 50% and three times over 75%. He said Ethereum looked set for a similar cycle.
Ethereum’s previous price peak reached $4,946 in August before dropping toward $3,023, followed by a mild recovery toward $3,183. Bitcoin had surpassed $126,000 by October before facing similar pressure. He viewed both retracements as routine behavior during large advancing cycles across crypto markets.
He argued that past cycles always involved significant discomfort for holders. He remarked that markets often “discount a massive future” and that long stretches of turbulence formed part of the path toward sustained appreciation.
Holder Divergence Signals Building Confidence
On-chain signals continued to support this view. CryptoQuant analyst Burak Kesmeci noted that Ethereum is currently only $200 above the average acquisition level for long-term holders. These holders have been following a slow and steady buying pattern throughout the year, with prices falling beneath that level only once during an April slump triggered by tariff news.
Large wallets with a balance between 10,000 and 100,000 ETH show a 52% increase, adding 7.6 million more ETH to their holdings since April. At the same time, smaller traders have reduced their holdings during this period. The difference between these two groups indicates that big capital expects stronger prices ahead, while small traders wait for a clearer market signal.
