Analysis: Ethereum breaks through key resistance level, may trigger a new round of "altcoin season"
according to Cointelegraph analysis, the price of Ethereum (ETH) has broken through the middle line of the Gauss channel (about $2,600), a technical indicator that has historically signaled significant upward trends. The analysis shows that ETH may target $4,100, while also potentially triggering a widespread "altcoin season." After breaking through this level twice in the past, the market capitalization of altcoins increased by 1,400% (in 2020) and 200% (in 2023) respectively. If the pattern of Bitcoin dominance declining after halving reappears, analysts predict that the market capitalization of altcoins could rise to $15 trillion. However, it is important to note the risks: approximately $12.3 billion of ETH holders have cost bases in the range of $2,300-$2,500, and a price drop 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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