Ethereum (ETH) is once again leading the broader crypto market rally with 8.5% gains in the last 24 hours, and is currently trading at a four-year high of $4,666. With ETH less than 5% from its all-time high levels, analysts are hopeful for fresh all-time highs beyond $4,891 supported by multiple factors like ETH treasury race, Ether ETF inflows, etc. Other altcoins have also joined the rally with Solana (SOL) gaining 12.9%, Dogecoin (DOGE) up 7%, Cardano (ADA) up 10%, and Chainlink (LINK) up 12%.
Ethereum MVRV Bands Show Next Stop to $5,241
ETH price rally continued with another 8.5% upside after a strong breakout from the $4,300, following a brief period of consolidation. Popular crypto analyst Ali Martinez stated that, as per the MVRV pricing bands, the altcoin could continue its rally all the way to $5,241.
Blockchain analytics firm Santiment reported that as Ethereum approaches its all-time highs, retail traders have continued to sell. Historically, ETH prices tend to move against retail sentiment. Previous instances of extreme greed on June 16 and July 30, 2025, led to corrections, noted Santiment.
On the other hand, while retail players are selling, corporate players are buying extensively on the other hand. On Tuesday, August 12, ETH treasury firm Bitmine Technologies disclosed plans for a $25 billion stock sale for more ETH accumulation. This is creating minimal resistance for the ETH price to break through its all-time highs.
Furthermore, inflows into spot Ether ETFs have shot up again with $500 million of net flows on Tuesday, after hitting he $1 billion milestone the previous day. BlackRock’s ETHA has been leading most of the inflows, crossing $10.5 billion, and highlighting strong institutional demand.
On Tuesday, the daily ETH issuance stood at 2,428 ETH, while the Ether ETFs took away 127,403 ETH. This means the ETFs purchased about 52.4 times more ETH than the amount newly issued by the network today.
Altcoin Season or ETH Season Driving Crypto Market Rally?
Amid Ethereum’s 30% weekly rally, other altcoins like XRP, SOL, BNB, DOGE, have registered gains between 10-20%, during the recent crypto market rally. This clearly shows that ETH has been dominant over the rest of the top altcoins. Popular crypto analyst Benjamin Cowen stated that this looks more like an Ethereum season and less like an altcoin season, as the TOTAL 3 market cap (excluding BTC and ETH) is dropping against ETH. In a message on the X platform, Cowen wrote:
“ALTs are now down 50% against ETH since April. As I said below, this was ETH season, not ALT season. As long as ETH/BTC goes up, so too will ALT/BTC pairs. But ALT/ETH pairs will likely bleed for about 1-2 more weeks before they get a relief bounce”.
Cowen further added: “ETH likely on its way to run the prior All Time Highs before a September pullback. ALT/ETH pairs will likely bounce after ETH/USD makes new all-time highs”.
Bhushan Akolkar
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.
He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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