Ethereum’s Make-or-Break Moment—$2,600 or Altcoin Apocalypse?
Ethereum’s price volatility has people wondering if the altcoin season is still on.
After briefly hitting $2,850 earlier this week, ETH is now at $2,668, down 1.71% in the last 24 hours. Volume has skyrocketed 112% to $26.6 billion.
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Ethereum must hold $2,600 to keep the bullish momentum. If not, we could see further downside, potentially canceling the altcoin season. If ETH goes below $2,425 (where 62.43 million ETH are accumulated across 10.33 million wallets) we could see extended losses.
Why Altcoin Season Hangs in the Balance
Many traders have been waiting for an altcoin season and expected huge gains across the board. But Ethereum’s recent struggle is raising doubts. Some say Monday’s ETH price jump was more due to the negativity in the Solana-based meme coin space rather than Ethereum’s strength.
Key factors affecting the altcoin market outlook:
Support Level: ETH must stay above $2,600, $2,425 is the last line in the sand.
Market Sentiment: Traders are still cautious after the recent sell off.
Ethereum Supply: Santiment data shows only 6.38% of ETH’s total supply is on exchanges, strong accumulation trend.
Analysts Still Bullish on Ethereum’s Potential
Despite the concerns, some analysts are still optimistic. Crypto Crew University points out a rare condition: 100-day SMA is about to cross above 200-day SMA, last seen in 2020 before the altcoin season.
IncomeSharks says Ethereum is in a accumulation zone. “Every day ETH stays in this range is a buy opportunity”. But he warns if a daily candle closes out of this range, we might miss the best entry.
Ethereum holds $2,600 and the altcoin season is on. Technicals look good but if support levels break we could see downside. Supply is moving off exchanges, sentiment is strong but we’ll see in the next few days.
Conclusion
Ethereum’s ability to maintain the $2,600 level will be a decisive factor for the broader altcoin market. While technical patterns hint at a bullish breakout, the risk of a bearish downturn remains if key support levels fail. With ETH supply shifting off exchanges, investor sentiment appears strong—but traders should remain vigilant in the coming days.
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