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In an X post published today, crypto market analyst and commentator Ali Martinez highlighted a crucial Ethereum (ETH) price level that must hold to sustain hopes for an altseason. Martinez warned that losing this support could significantly derail any potential altcoin rally.
Ethereum Must Defend Key Price Level
Ethereum, the second-largest digital asset by market cap, continues to trade in the mid-$2,000 range. At the time of writing, ETH is priced just below $2,700, offering bulls a glimmer of optimism for a potential breakout above the $3,000 resistance level.
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However, in his latest analysis, Martinez emphasized the $2,600 level as a critical price point for ETH. He added that if the digital asset falls below this level, then “altseason will be canceled.”
The recent Bybit crypto exchange hack sent shockwaves across the cryptocurrency industry as hackers stole digital assets worth more than $1.4 billion. Notably, ETH accounted for the bulk of the stolen funds.
Despite this, ETH held up relatively well compared to Bitcoin (BTC), according to fellow crypto analyst Daan Crypto Trades. The analyst pointed out that ETH’s ability to remain at essentially the same price level after such a massive hack is “interesting.” They added:
To see ETH at basically the same level as before a $1B+ hack is pretty interesting. Would not be surprised it there’s indeed some entity buying back some of that lost ETH or people frontrunning such a thing. At some point the ETH likely has to get back somehow, whether it’s recovered or bought back. Otherwise there would not be a 100% cover of funds.
Crypto analyst Ted echoed this sentiment in his own analysis of the Bybit hack. In an X post, he highlighted that not only did the hack fail to push ETH to new lows, but the cryptocurrency has already rebounded 35% from its bottom.
Meanwhile, crypto trader Merlijn The Trader provided some hope for ETH bulls, sharing a three-week Ethereum chart that suggests ETH is poised to break out of a symmetrical triangle pattern for its “biggest bull run yet.”
Altseason In Jeopardy?
Seasoned crypto analyst Rekt Capital also weighed in, sharing a daily altcoin market cap chart that shows altcoins failing to close above key resistance levels, highlighted in red circles. They explained:
Altcoin Market Cap is transitioning into this triangular market structure (blue). Alts will need to daily close above the blue lower high and then above black resistance to confirm a major trend shift.
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That said, there may still be hope for an impending altseason led by Ethereum. A recent report found that ETH reserves on crypto exchanges are at a nine-year low, which could exacerbate supply scarcity and drive up prices. At press time, ETH trades at $2,671, down 5.2% in the past 24 hours.
Featured image from Unsplash, Charts from X and TradingView.com
