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.

ETH Gains Momentum Amid BTC Cool-Off

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.

Michaël 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.

Institutional Demand Shifts to Ethereum

A flood of institutional ETH buys adds weight to this theory. Sharplink Gaming just bought $225M worth of Ethereum, while BitMine pushed its ETH holdings above $500M. Simultaneously, Ethereum-based funds have seen 19.5% AUM growth over 12 weeks, double that of Bitcoin ETFs in the same period. These moves, along with growing institutional demand, are boosting sentiment.

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Ethereum-based investment products are also seeing significant inflows. CoinShares’ James Butterfill reported a 19.5% rise in ETH fund assets under management over the last 12 weeks, outpacing Bitcoin funds, which grew 9.8%. “People are preferring Ethereum over Bitcoin,” Butterfill noted. Notably, open interest in ETH futures just hit a 12-month high, further suggesting that whales are gearing up.

Altcoin Season Around the Corner?

Van de Poppe isn’t the only one pointing to Ethereum as the “kickstarter” of altcoin cycles. With Solana, Chainlink, and other majors also showing signs of bottoming and rotating upward, many traders now expect a wave of capital to flow into altcoins over the next few weeks.

If Ethereum continues to hold above $3,100, the stage could be set for a full-blown altcoin breakout, with ETH leading the charge and Bitcoin quietly making room.