Ethereum (ETH) recently reached a significant price point of $3.4K but is now facing consolidation. This price fluctuation comes at a time when the altcoin market as a whole has experienced remarkable growth, with cryptocurrencies like SOL, XRP, ADA, PEPE, and FLOKI showing substantial double-digit returns.
The anticipation of an "altcoin season," a period marked by strong performance of alternative cryptocurrencies, is increasing. Ethereum's recent performance might be crucial in reinforcing this trend and ensuring the altcoin rally's sustainability.
Despite being the largest altcoin, Ethereum has recently lagged behind its peers in the crypto market. The direction ETH takes may significantly influence the overall momentum of the altcoin market in the coming weeks.
