Ethereum Triggers Altseason Hopes with $4.1K Target in Sight

A major technical rebound for Ethereum has ignited market-wide optimism, as analysts anticipate both ETH and altcoins may be poised for sharp gains.

ETH Price Reclaims Critical Level — What It Means for Altcoins

Ethereum’s native asset, Ether (ETH), is once again trading above a historically significant technical marker — the mid-line of the Gaussian Channel — sparking fresh altseason speculation.

This mid-line, located around $2,600 on the two-week chart, has marked the beginning of multiple powerful rallies in previous cycles. ETH now aims for the $3,200 resistance zone, with a potential breakout clearing the path toward $4,100 in the near term.

During the last two similar setups in 2020 and 2023, ETH surged over 100%, reaching previous all-time highs after breaking above this key level.

Picture Ethereum Triggers Altseason Hopes with .1K Target in Sight 2 | TON app

Altcoin Market Cap Could Skyrocket

Analyst Moustache shared that Ethereum’s move above the Gaussian mid-line has historically fueled an explosion in the broader altcoin market — excluding ETH.

In 2020, altcoins soared by more than 1,400% after ETH’s breakout.
In 2023, they rallied over 200% following a similar pattern.

If history repeats, the altcoin market cap could trend toward $15 trillion, especially as Bitcoin dominance follows its usual post-halving decline. This pattern appeared roughly 400 days after the Bitcoin halving in both 2017 and 2021 — aligning with the current 2024 timeline.

Ethereum Faces Risk Below Key Support Zone

Despite the bullish momentum, ETH’s upside remains fragile. On-chain data from Glassnode reveals that around $123 billion worth of ETH is held in the $2,300–$2,500 range.

If the price slips below this level, many holders could fall into a loss, potentially triggering panic selling. Such selling could put pressure on support levels and stall ETH’s recovery toward $4,100.

So while Ethereum’s technical breakout supports the altseason thesis, sustained bullish momentum will depend on holding above key price zones and market sentiment remaining strong.