Benjamin Cowen has made it clear in his latest post – what we’re seeing now isn’t an “altseason,” it’s an Ethereum season. His chart shows that altcoins (excluding Bitcoin and Ethereum) have dropped around 50% against ETH since April.
That’s a brutal underperformance, and it drives home the point that while some individual alts are doing well, the majority have been bleeding when measured against Ethereum.
In his tweet, Cowen reminds traders that as long as ETH/BTC keeps climbing, altcoins measured against BTC will likely rise too. However, ALT/ETH pairs will continue to bleed for another week or two before we get any meaningful relief bounce.
Ethereum Keeps Climbing Towards ATH
Today’s price action tells the same story. Ethereum pumped nearly 9% in a single day, pushing just below $4,700. That’s only about 4% shy of its all-time high near $4,900. Momentum is firmly in ETH’s corner right now, and the charts suggest that if it clears the psychological $5K level, the market could quickly flip into “full risk-on” mode.
What This Means for Altcoins
If Ethereum breaks its ATH and pushes deeper into price discovery, it could act as the trigger for the next altcoin rally. Historically, altcoins often lag ETH during these types of runs, but once ETH peaks and consolidates, capital rotation can fuel massive moves in smaller caps.
If you’ve been holding Ethereum since sub-$3,000 levels, this rally may be a good time to lock in some profits. The market is euphoric, and while ETH still has room to run, nothing moves in a straight line forever. Even in strong bull markets, sharp pullbacks can happen – and they tend to catch latecomers off guard.
For now, though, this is still very much Ethereum season. Altcoins will have their time – but the market’s eyes are on ETH breaking $5K first.
Read also: Crypto Journalist Updates His XRP and Ethereum Price Predictions for 2025
Subscribe to our YouTube channel for daily crypto updates, market insights, and expert analysis.
