The largest altcoin, Ethereum (ETH), has seen a rare move in the last 24 hours, breaking out of the market. The ETH price broke through $2,800 to reach a 12-day high, but this 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 stated that it is necessary to think long-term for ETH and said that ETH continues to move from exchanges to cold wallets at a shocking speed.
Stating that this situation means that investors are not considering selling and are adopting a long-term holding strategy, Santiment predicts that Ethereum will have a 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's usually a sign that investors are holding on. And it reduces the likelihood of a major sell-off.”
Santiment recently noted that interest in Ethereum has increased again, saying, “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 draw a positive picture for Ethereum, popular analyst Ali Martinez announced the critical level for ETH.
Making a major prediction, the analyst claimed that if ETH falls below $2,600, the altcoin rally will not happen.
The analyst, in his post from the X account, stated that if Ethereum falls 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.
