Analyst Ali Martinez believes Ethereum’s recent plunge below $2.6K may signal the end of the altcoin season. The cryptocurrency market experienced a significant loss of over $160B in market capitalization within a single day, with Bitcoin dominance increasing and pushing back on altcoins’ potential resurgence. Ethereum is down to around $2.3K following a sharp decline from its peak of $2.6K. This drop coincides with a wider downtrend in the cryptocurrency market since December. Despite the challenging conditions, some positive developments have emerged. The ETH/BTC ratio, a crucial indicator of altcoin momentum, has yet to reach historically low levels, and some analysts are anticipating potential recovery for Ethereum in the coming months. However, a large influx of investors holding significant amounts of ETH (over $10K-$100K) suggests that continued price stability above $2.2K will be crucial for sustained bullish momentum. Meanwhile, Bitcoin’s dominance has been increasing, potentially limiting altcoin growth in the near future. Interestingly, several altcoins have enjoyed double-digit gains despite the overall bearish trend. The week saw notable performances from Maker [MKR], Sei [SEI], Berachain[BERA] and others, while Raydium’s RAY experienced a significant downturn (-46%) due to factors such as Pumpfun launching its automated market maker (AMM) for graduated tokens.