Ether Rally or Altseason: Two Charts Offer Contrasting Views

The Ethereum (ETH) to Bitcoin (BTC) ratio has broken out of a long-term declining channel, reaching its highest level since January 2026 at 0.0334.

This breakout came after a 32% rally in the ETH/BTC pair since June's low at 0.02525 and has held above the descending parallel channel that had capped the pair since August 2025.

The ratio now faces resistance at 0.03213, the 0.382 Fibonacci retracement of the decline from 0.04327, and then the 0.5 level at 0.03426 marks the next barrier.

Meanwhile, Bitcoin dominance broke out of its downtrend in the same week, closing last week at 60.15% and clearing a descending trendline drawn from the June 2025 high.

The increasing ratio and dominance raise questions about whether altseason has started or is simply an ether rally. If Ethereum continues to rise while Bitcoin's share of total market capitalization increases, it could suggest capital is moving into these two assets at the expense of smaller altcoins.