Ethereum jumps 31% in a week, but altcoin-season gauges still say no

Over the past seven days, Ethereum has seen its fortunes take a turn for the better as it has risen by nearly 31% and currently trades around $2,495.

However, despite this seven-day run, two of the most watched altcoin-season trackers have not been convinced to call it an altseason. Traders, on the other hand, are left to weigh a fast ETH rally against gauges that remain stuck in neutral.

The rally is real, the breadth is not

ETH trades around $2,494.68, up 2.59% on the day and 31.01% over the week. Bitcoin, which sits around $78,411, saw a weekly gain of 23.25%.

XRP and Zcash (ZEC) are the few names that have performed better than ETH over the past seven days. XRP is up by around 49%, while ZEC is up by roughly 64% over the same period.

However, Bitcoin still leads the market in terms of total market value, accounting for over 59% of the market share. ETH’s share is around 11.4%. So, the funds have not clearly rotated away from BTC. Overall sentiment is stretched, with CoinMarketCap’s Fear and Greed reading at 80 out of 100.

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