Analysis: Ethereum breaks key resistance level, which may trigger a new round of "alt season".

According to Cointelegraph analysis, the price of Ethereum (ETH) has broken through the midline of the Gaussian Channel (about $2,600), a technical indicator that has historically predicted significant gains, according to Cointelegraph analysis. The analysis shows that ETH could target $4,100 while it is expected to trigger a broad "altcoin season". After breaching this level in the past two times, the altcoin market cap has increased by 1,400% (2020) and 200% (2023), respectively. If Bitcoin's post-halving pattern of declining dominance returns, analysts expect the altcoin market cap to climb to $15 trillion. However, it is important to be aware of the risks: the cost base of about $12.3 billion of ETH holders is in the range of $2,300-2,500, and a pullback in the price could trigger selling pressure.