Ethereum has printed a full-blown breakout above an absolute key bear market resistance zone, with its price surging 17.5% in 24 hours to $2,200. Bitcoin also rallied, rising 10% to reclaim the $70,000 level, as the broader altcoin market followed. Analysts now believe the bear market may finally be over, and the long-awaited altseason could be at hand.
According to CoinMarketCap analytics, Bitcoin's climb brought it above $70,000 for the first time in weeks, while Ethereum's pump nearly reached 20% intraday. Historical patterns show altcoin prices typically run alongside ETH, and its failure to surge last year contributed to the altcoin decline in the previous cycle. This decisive move has traders watching for sustained follow-through.
Popular analyst Doctor Profit had predicted ETH would outperform BTC in the new bull cycle, and he now says this breakout marks the first time since the bear market began that ETH has reclaimed the "Golden Line." He has allocated 60% of his portfolio to ETH (versus 40% to BTC), a reversal of his previous positioning, signaling full confidence in Ethereum's outperformance. He also referenced the "Galactic three tokens," which include Coinbase and Circle alongside ETH.
On-chain analytics firm Santiment published an update on August 19 suggesting that years of ETH underperformance may be turning. While the post was short and directional rather than granular, it points to a shift from the crowded skepticism that has defined ether. Santiment's signal often appears in social and on-chain indicators before becoming obvious on price charts. Traders are advised to treat it as an early note, not a confirmed reversal.
Fundamentals remain strong: Ethereum still anchors a large share of stablecoin flows, DeFi activity, and developer attention, with on-chain real-world assets surpassing $20 billion. Confirmation will require sustained price acceptance above resistance, positive exchange flows, and rising active addresses. For now, the market appears to be rewarding assets with strong network effects and improved positioning, and Ethereum's breakout may be the spark that ignites a broader bull run.
