Ethereum has broken out of a descending channel against Bitcoin after nearly a year of lower lows and lower highs, with the pair now trading near 0.0289 and Ethereum at $1,881. Whales accumulated 50,000 ETH this month as the ratio jumped 6%, with immediate resistance at 0.0316 and next barrier at 0.0352. Bitcoin dominance is climbing back to 60% and has moved sideways between 58% and 60.7% since August 2025, delaying the classic rotation signal. Analysts remain divided on whether a real altcoin season can start in 2026, with bulls needing dominance rejected near 59.6% followed by a break under 58% to confirm the rotation. Benjamin Cowen argues the classic rotation may never arrive this cycle, keeping October 2026 as his base case for the cycle bottom.
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