Altseason At Risk? Expert Believes Ethereum Must Hold $2,600 To Sustain Momentum
Ethereum is trading at crucial demand levels, facing intense selling pressure and struggling to reclaim the $2,800 mark. The recent price action has raised concerns among investors, who are trying to stay calm amid rising volatility but fear that Ethereum could drop further.
The broader crypto market sentiment remains divided, with Ethereum significantly underperforming Bitcoin and failing to build strong bullish momentum. Some analysts believe that ETH is at a make-or-break level, while others argue that a deeper correction is still possible.
Top crypto analyst Ali Martinez shared a technical analysis on X, suggesting that altseason could be canceled if Ethereum fails to hold the $2,600 level. Martinez highlights that this price acts as crucial support for ETH and the entire altcoin market. A breakdown below this level could lead to further declines, pushing ETH into lower demand zones and triggering a broader sell-off across altcoins.
With Ethereum struggling to regain strength, the next few days will be critical in determining its short-term direction. Bulls must step in and reclaim key levels to avoid further downside, while bears remain in control as long as ETH stays below $2,800.
Ethereum Price Testing Crucial Demand
Ethereum is trying to push above the $2,700 mark and hold above it to confirm the start of a recovery phase. However, the key resistance levels to reclaim remain between $2,800 and $3,000, which have acted as major supply zones in the past. Bulls are struggling to gain momentum, and Ethereums inability to break through these levels has led to increasing concerns about further downside risks.
Market analysts believe Ethereums next move will be crucial, as the market expects confirmation in either direction soon. Some analysts argue that Ethereums weakness relative to Bitcoin is a sign that altcoins are losing steam, while others believe that ETH could still have a chance to rally if key levels are reclaimed.
Martinezs analysis states that the alt season will be canceled if Ethereum fails to hold the $2,600 level. This price serves as a long-term demand zone, and losing it would invalidate any bullish momentum across the altcoin market. Martinez explained that Ethereum has historically led altcoin rallies, and its failure to hold key support levels could trigger a broader sell-off in altcoins.
Bulls must defend the $2,600 level at all costs to confirm a sustainable rally, as a break below it could trigger a broader market correction. If ETH manages to hold above current levels and reclaim $2,800$3,000, it could signal the start of a bullish recovery. The next few days will be crucial for Ethereums short-term direction.
Price Action Details: Key Levels To Watch
Ethereum is trading at $2,680 after multiple attempts to reclaim the $2,700 level. Bulls are trying to push the price higher, but selling pressure remains strong, making it difficult for ETH to gain momentum. The next critical resistance level is at $2,800, and a break above this level would signal a potential bullish reversal. If ETH reclaims $2,800 and consolidates above it, a surge toward $3,000 could follow, bringing renewed optimism to the market.
However, failure to hold the $2,600 level would be a bearish signal, suggesting that more downside risk is ahead. Losing this key demand level could trigger further selling pressure, leading to a potential drop into lower support zones around $2,400$2,500. Investors are closely monitoring these levels, as Ethereums price action will determine whether a recovery rally can begin or if a deeper correction is in play.
For now, ETH remains range-bound, and a breakout in either direction could define the trend for the coming weeks. Bulls need to step in aggressively to regain control and avoid a prolonged bearish phase. The next few trading sessions will be crucial in determining Ethereums short-term price action.
Featured image from Dall-E, chart from TradingView
Text source: NewsBTC
