Ether, the native token of the Ethereum blockchain, climbed back above $3,700 on 4 August, extending a sharp recovery from weekend lows and reinforcing its status as the year’s best-performing major digital asset. The rally helped the ETH/BTC exchange rate break a multi-year down-trend, a pattern last seen in 2019, according to analyst Ben Cowen of Into The Cryptoverse. Cowen noted that altcoins have fallen about 44 percent against Ether since April, underscoring what traders are calling a renewed “Ethereum season.” Momentum has prompted calls for a test of the $4,000 mark, though Cowen cautioned that enthusiasm from companies adding Ether to treasuries could be pulling forward demand and sowing the seeds for a broader market shake-out in 2026.