Analyst Benjamin Cowen has clearly stated in his latest post: what the market is witnessing is not an 'Altseason', but a true 'Ethereum Season'.

According to Cowen's chart, since April, altcoins (excluding Bitcoin and Ethereum) have averaged a decline of about 50% against ETH. This is a severe drop, indicating that while some individual alts are still performing well, most are 'bleeding' compared to Ethereum.

ETH/BTC is Climbing – Altcoins are Just Supporting Actors

Cowen emphasizes: when ETH/BTC continues to rise, altcoins measured in BTC may still be in the green. However, in ALT/ETH pairs, the downtrend is likely to continue for at least another 1–2 weeks before any significant rebound occurs.

💥 Ethereum Nears Historical Peak

Today's price action further reinforces that argument. ETH rose nearly 9% in just 24 hours, nearing $4,700 – just about 4% away from the historical peak of ~$4,900.

Momentum is currently leaning heavily towards ETH, and if it breaks the psychological level of $5,000, the market could quickly shift to a 'full risk-on' state – meaning extremely high-risk acceptance, with capital flowing into risky assets.

⏳ When Will Altcoins Be 'Released'?

History shows:

  • In breakout cycles, altcoins often rise slower than ETH.

  • Only when ETH reaches a short-term peak and enters the accumulation phase will new capital shift to smaller alts, creating explosive gains in mid-cap and low-cap.

If ETH breaks its peak and enters the price discovery zone, this could signal the start of the next wave of altseason.

🎯 Strategy for Investors

  • If you bought ETH from the area below $3,000, the current rally is a reasonable time to take some profits.

  • The market is extremely excited, but even in a bull run, strong corrections still occur and often unexpectedly.

  • Don't let FOMO make you overlook risk management – especially when ETH is very close to a major psychological level.

In summary: This is still Ethereum's season. Altcoins will have their moment to shine, but for now, all eyes are still on ETH and the $5,000 mark. When the 'king of DeFi' breaks records, the entire market could enter the next explosive phase.