While the Altcoin season expectations in the crypto currency market continues, Ethereum’s failure to maintain critical support levels may risk this rally. Analysts foresee that there may be a major retreat in the Altcoin market if ETH has fallen below $ 2,600.
Altcoin season and Ethereum connection
Although the price of Ethereum rose to $ 2,850 at the beginning of the week, it could not maintain this level. ETH, which is currently facing sales pressure, has declined to $ 2,668 and has approached a critical support level. Analyst Ali Martinez said that if the $ 2,600 level cannot be protected, Ethereum may face a larger decline and that the Altcoin season could be postponed.
According to Martinez, the most critical support level is $ 2,425. At this level, 10.33 million wallets have accumulated 62.43 million ETHs in total. If the price falls below this level, there may be a serious retreat in the Ethereum and Altcoin market.
Market experts still believe that the bull season will come
Some market experts argue that the Altcoin season is inevitable and that technical indicators resembled before the big bull run in 2021. Crypto Crew University said the Altcoin season is ready to start and technical indicators support it.
The fact that the 100 -day simple moving average (SMA) and the 200 -day SMA are about to intersect may be a harbinger of a major rise in the market. Finally, this technical signal, which was seen in 2020, indicates that a large Altcoin rally is at the door, according to analysts.
Critical period for Ethereum investors
Popular analyst Incomesharks said Ethereum is currently in an ideal purchase zone and offers a good opportunity for investors as long as it stays in the current price range. However, a new wave of ascension will have begun when it is out of this range and that investors may be late. According to centimeter data, Ethereum’s supply in stock markets continues to decrease rapidly. While only 6.38 %of the total supply remain on the stock exchanges, this shows that long -term investors have drawn ETH to cold wallets and that sales pressure is reduced.
Whether Ethereum can maintain $ 2,600 can determine the fate of the market. If this support level cannot be maintained, a correction may be experienced throughout the market. However, the protection of strong supports can prepare the ground for the start of the expected season.
