Ethereum (ETH) has failed to break from a key level, retracing 4% as most of the market bleeds. Some analysts believe that ETH\u2019s next leg up won\u2019t come in a few months, as the second-largest cryptocurrency could move sideways until May.<\/p>\n
On Monday, Ethereum swan against the current and registered<\/a> a 6.3% surge toward the $2,850 support zone, momentarily breaking out of a symmetrical triangle pattern where it has been consolidating for the past 15 days.<\/p>\n The cryptocurrency attempted to reclaim the $2,700-$2,800 level but failed to hold the zone in the following hours. On Tuesday, ETH\u2019s short-lived party ended, sending the King of Altcoins on a 4% pullback toward the $2,605 mark.<\/p>\n Crypto analyst Ali Martinez noted<\/a> that Ethereum needed to hold the $2,600 support, a crucial level for the cryptocurrency, to continue within its multi-year ascending channel. To the analyst, failing to hold this level could hinder the long-awaited Altcoin season.<\/p>\n Moreover, failing to hold this level could see ETH dropping to the $2,400 mark, as the current level doesn\u2019t have significant demand. According to Martinez, the $2,425 level remains<\/a> the most critical support zone for the cryptocurrency, as 10.33 million wallets accumulated 63.43 million ETH.<\/p>\n Amid its most recent performance, market watcher DocXBT considers that Ethereum needs a re-accumulation period to attempt to reclaim higher levels. The analyst stated, \u201cIt needs an extended period of re-accumulation,\u201d as the ones seen during the FTX collapse, 2023\u2019s capitulation, and summer 2024\u2019s capitulation.<\/p>\n To DocXBT, \u201cThere\u2019s nothing for ETH to do except go sideways for an extended period of time.\u201d He added that it could continue hovering within its current range for two to three months \u201cbefore we can bring trends down, flip them, and maybe get bullish again.\u201d<\/p>\nETH\u2019s $4,000 Breakout Just \u2018A Matter Of Time\u2019<\/h2>\n