Analysis: Ethereum Breaks Key Resistance Level, Potentially Triggering a New "Altcoin Season"
According to Cointelegraph's analysis, the price of Ethereum (ETH) has surpassed the midline of the Gaussian channel (around $2,600), a technical indicator that has historically signaled significant upward trends. The analysis indicates that ETH may target $4,100, potentially triggering a broad "altcoin season." In the past two instances of surpassing this level, the altcoin market capitalization increased by 1,400% (2020) and 200% (2023), respectively. If the pattern of Bitcoin's dominance declining post-halving reoccurs, analysts expect the altcoin market capitalization could climb to $15 trillion. However, risks should be noted: approximately $12.3 billion worth of ETH holders have a cost basis in the $2,300-2,500 range, and a price pullback could trigger selling pressure.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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