Ethereum News Today: Ethereum Surges 8.6% to $3,642.23 as Altcoin Season Index Climbs to 37

Ethereum's price surged by 8.6% to reach $3,642.23, marking a significant increase in the last 24 hours. This rise is accompanied by a 13.26% increase in trading volume, which now stands at $54.24 billion. The ETH/BTC pair also saw a notable gain of 6.7%, indicating stronger momentum for Ethereum relative to Bitcoin. This trend is further supported by the altcoin season index, which has climbed to 37, signaling a shift away from Bitcoin-dominated territory.

Ethereum's market capitalization has also increased by 8.83% to $441.1 billion, reflecting the growing interest and investment in the cryptocurrency. The fully diluted valuation matches this figure at $441.05 billion, suggesting no supply inflation from token unlocking events during this price rally. The current price is just below the short-term resistance point of $3,643.84, and sustaining prices above this level could drive Ethereum into a new price region. However, support at $3,353.56 remains a critical level to watch in case of pullbacks.

The ETH/BTC pair's performance aligns with the rising altcoin season index, which tracks the performance of altcoins relative to Bitcoin. A reading above 25 indicates a move out of Bitcoin season, and the current trend is heading toward the 75 threshold, which defines a full altcoin season. This upward trajectory began in late June, following months of lower index levels between March and May, when the index stayed below 25, marking Bitcoin dominance. Ethereum's breakout from that period aligns with broader altcoin recovery.

The altcoin season index now stands at 37, moving sharply away from the Bitcoin season boundary at 25. The chart shows a turning point in early July, marking a reversal from months of subdued altcoin performance. Ethereum's latest price action correlates directly with the rising index levels. Previous surges in this index occurred in November 2024, where the index peaked near 90. Though current levels remain far from that peak, the directional change remains notable. If the index continues to rise, altcoin activity could increase further, with Ethereum remaining the lead altcoin in this context, reflecting this shift in its BTC pair performance.