Analysis: Ethereum breaks through key resistance level, which may trigger a new round of altcoin season

ChainCatcher news, according to Cointelegraph, analysis indicates that the price of Ethereum (ETH) has broken through the middle line of the Gaussian channel (around $2,600), a technical indicator that has historically signaled significant upward trends.

Analysis shows that ETH could target $4,100, potentially triggering a widespread "altcoin season." After the last two breaks above this level, the market capitalization of altcoins increased by 1,400% (in 2020) and 200% (in 2023), respectively. If Bitcoin's dominance declines again after the halving, analysts expect the market capitalization of altcoins could rise to $15 trillion.

However, risks should be noted, as approximately $12.3 billion of ETH holders have a cost basis in the $2,300-$2,500 range, and a price pullback could trigger selling pressure.