Why is Ethereum Price Up Today? Whales Buy Big, Altcoin Season Ignites
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Ethereum is on fire again. As Bitcoin briefly pulls back from its new highs, ETH is climbing steadily, fueling growing buzz about a coming altcoin season. Analysts like Michaël van de Poppe are doubling down on this trend, highlighting Ethereum’s surge as a sign of broader altcoin momentum in the making.
There we go, a new high for $ETH / $BTC.
This signals that #Altcoins are the play for the coming period, as those will follow Ethereum in the momentum.
The breakout at 0.02425 was crucial. pic.twitter.com/pEk2Pqb5zA
Bitcoin recently soared past $120,000, hitting multiple all-time highs before slipping back below $117,000, its lowest in five days. Meanwhile, Ethereum jumped to $3,128, up 20% on the week and 4% in the last 24 hours, marking its highest level in five months. According to Amberdata’s Greg Magadini, “ETH is gaining traction again” after years of lagging behind BTC.
The reversal in momentum is noteworthy mainly because of the fact that while Bitcoin surged nearly 300% over the past two years, Ethereum posted just a 60% gain and is still down 8% year-to-date. But that trend could now be shifting.
Another good morning, a great morning in the history of mankind. $ETH and #Altcoins continue to go up.
— Michaël van de Poppe (@CryptoMichNL) July 16, 2025Michaël van de Poppe explained that the market appears to be preparing for a classic shift into altcoins. He pointed out that Ethereum’s breakout has historically been one of the first signs that investors are beginning to move capital from Bitcoin into other cryptocurrencies. With Bitcoin’s dominance starting to decline, van de Poppe sees this as a clear indication that an altcoin season could be on the horizon.
Crypto analyst Wolf says Ethereum’s long consolidation below $4K isn’t weakness but built-up pressure ready to explode. He compares it to Tesla’s 2019 breakout, warning that once ETH clears $4K, panic-buying will follow. Meanwhile, Ash Crypto pointed out that ETH is just 9.73% away from breaking out of a massive 4-year accumulation triangle.
$ETH IS NOW ONLY 9.73% AWAY FROM BREAKING OUT OF THIS MASSIVE 4-YEAR ACCUMULATION TRIANGLE.
ONCE IT BREAKS, ETH WILL EXPLODE 