Yes, absolutely.
You can use a Distribution Shader to define maximum and minimum altitudes. If you want to specify world-space altitudes, change the Distribution Shader's "Altitude key" to "Final position".
If you prefer to specify altitudes relative to the cloud layer's altitude, then you can do this if the Cloud Layer has "Move textures with terrain" enabled. Then you can set the Distribution Shader's altitude key to "Position in texture/terrain" (which is the default). With Easy Cloud, relative altitudes are relative to "Cloud base altitude". For Cloud Layer V2 and Cloud Layer V3 they're relative to "Cloud altitude", which is the mid-point between the top and the base of the cloud.