Ethereum News Today: Ethereum Surges 1110% to $3,090 as Altcoin Season Begins

Ethereum has recently surged past the $3,000 mark, outperforming Bitcoin despite a profit-taking rotation. This price action has drawn significant attention from traders and analysts, who are now speculating about the potential for an altcoin season. According to analysts, Ethereum’s fractals suggest a possible 1,110% rally, which could push the cryptocurrency to as high as $18,205. This optimistic outlook is supported by institutional buying and ETF inflows, which indicate strong demand and confidence in Ethereum’s future performance.

Ethereum’s recent price surge has been particularly notable, as it has outperformed Bitcoin and drawn significant investor confidence. While Bitcoin’s rally has entered its 12th day, historically a point where profit-taking begins, Ethereum has continued to climb, reaching weekly highs of $3,090. This trend suggests that capital is rotating from Bitcoin to altcoins, potentially signaling the start of an altcoin season. Analyst Matthew Hyland has stated that if Ethereum continues to perform strongly compared to Bitcoin, there is a “99%” chance that Bitcoin’s dominance has peaked, and altcoins could be poised for significant gains.

Technical indicators also support a bullish outlook for Ethereum. The weekly relative strength index (RSI) has broken free from a three-year downtrend, suggesting a potential structural change. Additionally, there is an incoming golden cross between the 50-day and 200-day moving averages, which could indicate a sustained uptrend. These signals, combined with Ethereum’s strong performance relative to Bitcoin, suggest that the cryptocurrency may continue to outperform in the near-to-medium term.

One analyst, Merlijn The Trader, has pointed out that Ethereum’s fractals show a pattern similar to Bitcoin’s 2018–2021 cycle. This analysis suggests that Ethereum could experience a 1,110% rally, pushing it above its all-time highs and potentially reaching $18,205. This optimistic scenario is based on Ethereum having already undergone a 63% correction, followed by a 100% rebound, similar to the early stages of Bitcoin’s previous bull cycle.

For investors looking at more immediate price movements, analyst Daan Crypto has identified $2,800 and $4,000 as key price levels to watch. Ethereum’s movement above $2,800 represents a psychological and structural breakthrough, and the $4,000 zone could be the next major resistance level. Daan Crypto believes that any price action outside of these levels is likely noise and not relevant to the long-term trend.

Institutional demand is also playing a significant role in Ethereum’s recent rally. Data shows that over $1 billion has flowed into Ether exchange-traded funds (ETFs) since last Wednesday, indicating that institutional investors are betting on further upside. Additionally, Ethereum treasury companies have acquired over 545,000 ETH in the last 30 days, adding a layer of corporate confidence to the rally. This institutional support, combined with bullish technical indicators and strong performance relative to Bitcoin, suggests that Ethereum could be on the verge of an altcoin boom.