The largest altcoin, Ethereum (ETH), has experienced a rare movement in the last 24 hours, breaking out of the market. The ETH price surged past $2,800, reaching a 12-day high, but this increase was short-lived.
Analyzing the latest situation of Ethereum, Santiment stated that although the Ethereum price has retreated, this movement indicates that ETH is showing a recovery signal. Analysts have emphasized the necessity of a long-term perspective for ETH, noting that ETH continues to flow from exchanges to cold wallets at a remarkable speed.
This situation suggests that investors are not considering selling and are adopting a long-term holding strategy. Santiment predicts that Ethereum will exhibit stronger upward potential when there is a general recovery.
“Ethereum has shown signs of a slight recovery. Although the price has since pulled back, it has outperformed most altcoins to start the week. From a long-term perspective, ETH continues to move out of exchanges and into cold storage at a shocking rate.
“Generally speaking, when crypto assets leave centralized exchanges, it is usually an indication that investors are holding. This reduces the likelihood of a major sell-off.”
Santiment recently noted that interest in Ethereum has increased once again, stating, “Meanwhile, the community started showing renewed interest in Ethereum in February. After significantly underperforming other large-cap assets in 2024, there was an expectation of a recovery as the market-wide recovery began.”
Altcoin Rally Depends on Ethereum!
While Santiment analysts present a positive outlook for Ethereum, popular analyst Ali Martinez announced a critical level for ETH. Making a significant prediction, the analyst asserted that if ETH falls below $2,600, the altcoin rally will not occur.
In his post on the X account, the analyst stated that if Ethereum drops below $2,600, there will be no altcoin season.
Altseason will be canceled if
#Ethereum
$ETH
fails to hold $2,600!
pic.twitter.com/slt2O02Waq
— Ali (@ali_charts)
February 18, 2025
*This is not investment advice.