"Ethereum's $2,600 Test: Altcoin Rally Hopes Hang in Balance"

Ethereum's price level at $2,600 is crucial for sustaining hopes of an altcoin rally, according to crypto market analyst Ali Martinez. In a recent post, Martinez warned that if Ethereum falls below this level, it could significantly derail any potential altcoin rally, effectively canceling the much-anticipated altseason.

Ethereum, the second-largest digital asset by market capitalization, has been trading in the mid-$2,000 range. At the time of writing, ETH is priced just below $2,700, offering bulls a glimmer of optimism for a potential breakout above the $3,000 resistance level. However, Martinez emphasized the $2,600 level as a critical price point for ETH, highlighting its importance in maintaining the current market sentiment.

The recent Bybit crypto exchange hack sent shockwaves across the cryptocurrency industry, with hackers stealing digital assets worth more than $1.4 billion. Notably, ETH accounted for the bulk of the stolen funds. Despite this, ETH held up relatively well compared to Bitcoin (BTC), according to fellow crypto analyst Daan Crypto Trades. The analyst pointed out that ETH's ability to remain at essentially the same price level after such a massive hack is "interesting." They added that it is not surprising if there is an entity buying back some of the lost ETH or people frontrunning such a thing, as the ETH would likely have to get back somehow to ensure a 100% cover of funds.

Crypto analyst Ted echoed this sentiment in his own analysis of the Bybit hack. In a recent post, he highlighted that not only did the hack fail to push ETH to new lows, but the cryptocurrency has already rebounded 35% from its bottom. This resilience suggests that ETH's fundamentals remain strong, despite the recent hack.

Meanwhile, crypto trader Merlijn The Trader provided some hope for ETH bulls, sharing a three-week Ethereum chart that suggests ETH is poised to break out of a symmetrical triangle pattern for its "biggest bull run yet." This bullish sentiment is further supported by a recent report finding that ETH reserves on crypto exchanges are at a nine-year low, which could exacerbate supply scarcity and drive up prices.

However, seasoned crypto analyst