The altcoin market's To da moon seems to have encountered obstacles, with the core issue not stemming from the alts themselves, but rather from the weak performance of Ethereum (ETH).

The ETH/BTC ratio has been hovering around 0.024 for the past six weeks, failing to achieve a significant breakthrough. Historically, this level marked a key position at the bottom of market cycles in 2019 and 2020, but the current market is clearly more hesitant, and the anticipated rebound has yet to arrive.

The key point in analyzing this phenomenon is: if you want to determine whether the altcoin market has a chance to rebound, the most important reference indicator is the ETH/BTC ratio. If Ethereum cannot show strong performance, it will be difficult for most alts to achieve an independent upward trend.

Therefore, the market logic is quite clear: the true reversal of the altcoin market requires Ethereum to first show clear breakout momentum and volume confirmation; otherwise, we will continue to face a tedious sideways consolidation, and the market may consume more time within the current range.

Can Ethereum take on the responsibility of leading the market in the near future? Or will the entire altcoin season be forced to be postponed? This is a core issue that current cryptocurrency market investors need to pay close attention to.