Altseason on the brink: Can Ethereum hold the crucial $2,600 barrier? – Analyst weighs in

• ETH’s plunged to $2.3K as crypto prolonged losses in February. 
• Altcoins remained capped amid elevated BTC dominance. 

On twenty fifth February, Ethereum [ETH] plunged additional to $2.3K, cracking beneath the $2.6K threshold, which crypto analyst Ali Martinez projected might ‘cancel altcoin season.’ 

Per Martinez’s analysis, a dip beneath the Ethereum’s long-term ascending channel would sign a break in ETH’s market construction and weigh on the altcoin market. 

“Altseason will probably be canceled if #Ethereum $ETH fails to carry $2,600!” 

Supply: X

Altcoin season standing

Prior to now 24 hours, the altcoin market shed an additional $160B in market cap after dropping from $1.28 trillion to $1.12 trillion.

Since final December’s peak, the altcoin section has misplaced over $590 billion amid persistent bearish stress. 

Supply: CoinMarketCap

Even the ETH/BTC ratio, one of many indicators of the altcoin momentum utilizing ETH’s efficiency because the barometer, was but to document a decisive backside.

The ratio has dropped 68% to ranges final seen 5 years in the past. 

Supply: ETH/BTC ratio, TradingView

Not like the slight bounce in late 2024, which boosted the November altcoin pump, the indicator has not seen a robust reduction rally once more in 2025. This might dent altseason expectations. 

Nonetheless, CryptoQuant’s Ki Younger Ju noted that giant gamers’ addresses with $10K-100K ETH, surged 24% up to now yr.

Moreover, with a price foundation of $2,199, ETH’s sustained restoration might rely on value holding above $2.2K. 

That stated, the altcoin season index was at 31, suggesting it was a agency BTC season. 

Supply: Blockchain Middle

Moreover, BTC dominance surged over 2% from 60% to 62% over the previous week, which might cap altcoin restoration prospects within the quick time period. 

Surprisingly, some altcoin outliers noticed double-digit positive factors regardless of the general bearish stress. Story [IP], Maker [MKR], Sei [SEI], and Berachain[BERA], had been amongst the highest weekly performers. 

In the meantime, Raydium’s RAY was the worst hit, down 46%, with further stress from Pumpfun launching its automated market maker (AMM) for its graduated tokens.