The price of Ethereum fell from above $2,800 toward the psychological $2,500 level, reflecting a significant break from the altcoin’s recent bullish progress. However, historical price data shows that the Ethereum price might be just fine so long as it stays above the $2,500 support.
After a rough first quarter of the year, the price of Ethereum experienced an explosive start to May, rising back above the $2,000 mark. However, the altcoin had struggled to break above $2,800 before this past week, typically settling above the $2,500 support after facing rejection at this resistance level.
According to Rekt Capital, the Ethereum price has shown a strong degree of stability above the $2,500 level over the past five weeks. The crypto analyst noted that if this trend continues, the altcoin’s value could witness a significant surge and return to around the $4,000 region.
The last time the price of Ethereum was at $4,000 was in mid-December 2024, preceding an almost 60% crash in early parts of the year. A return to this cycle peak for ETH could mark the beginning of a fairly anticipated altcoin season.
As of this writing, the price of ETH stands at around $2,577, reflecting an almost 3% decline in the past 24 hours.
If this positive trend continues and the altcoin’s market dominance continues to improve, investors could see the Ethereum price go on an impressive upside run. Moreover, this could also mean diminishing Bitcoin dominance and an improved likelihood of seeing an altseason this cycle.
