Eth/BTC jumps 34% in a week .. Has the alternative currency season start?

The ETH/BTC trading pair witnessed a 34% jump within a week, which sparked a wave of optimism in the market that the season of alternative currencies may have started, but careful reading in the history of the market indicates that this optimism may be exaggerated.

The force of penetration restores hope

For the first time since December 2024, Ethereum’s husband broke up against Bitcoin, his downward direction and recorded a higher bottom, which is a positive technical sign that usually indicates the beginning of a rise, and this sharp rise is the largest in nearly three years, when the husband jumped by 56% in July 2022.

But when we go back to that period, we find that the strong rise in Ethereum at the time has already led to a real season of alternative currencies in August 2022, where it exceeded 75% of the 50 largest bitcoin performance currencies, and the alternative currency season index rose to 96, while today the indicator stands at only 18, with only 18% of currencies that excel over Bitcoin.

Can Ethereum price repeat the 2022 scenario?

It is true that Ethereum has climbed by 32% in recent days, but reaching the summit of 2022 requires an additional increase of 67% to reach 4,004 dollars, and this possibility seems difficult under the current market conditions, especially since the level of resistance exceeds $ 2,814 and converting it into support is decisive to continue ascending.

But this positive scenario is risky, and if the price fails to persist over $ 2,654, and it may decrease even critical levels such as 2,344 or even $ 2,141, the recent gains may fade quickly and the market loses its momentum.

The alternative currency season .. Is it a new illusion?

Although the last rise has restored hope for traders, the data shows that Bitcoin still dominates the market strongly, and the momentum indicators have not yet reached the level that indicates a comprehensive shift towards alternative currencies, and until now there is no confirmation that we are at the beginning of a new season similar to 2022.

However, if Bitcoin continues to rise, it is possible to follow it by some major currencies, which may pave the way for a partial alternative season before the end of the second quarter of the year.