Is the Altcoin Season Starting in September? Two Charts Hold the Answer

An altcoin season is almost always defined by the shift in Bitcoin dominance, which has actually increased over the last few days. So, why does that mean an altcoin season is unlikely in the current bull run?

The ETH/BTC ratio has broken out of a long-term declining channel and reached a 7-month high near 0.0334. Both moves cannot be bullish for altcoins at once. One points to capital rotating into Ethereum. The other points to capital concentrating in Bitcoin at the expense of everything else.

ETH/BTC Reaches 7-Month High After 32% Rally

Ethereum (ETH) has gained 32.28% against Bitcoin (BTC) since the June low at 0.02525. The ratio peaked near 0.0334 last week on TradingView's weekly Binance chart. That marks its highest level since January 2026.

That move broke the descending parallel channel that had capped the pair since August 2025. The breakout came at the end of June, and the ratio has held above the channel since.

Resistance now sits at 0.03213, the 0.382 Fibonacci retracement of the decline from 0.04327. Above that, the 0.5 level at 0.03426 marks the next barrier.

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