Ethereum (ETH) is experiencing a notable uptrend in 2025, demonstrating strong momentum not only against the US dollar but also relative to Bitcoin and other altcoins. Analyst Ben Cowen highlighted that ETH has completed a recurring supercycle pattern observed in previous years, specifically in 2016 and 2019, where ETH/BTC bottoms break long-term trendlines and reach a regression band. Since April 2025, altcoins have declined approximately 44% against Ethereum, underscoring ETH's dominance in the crypto market. This trend has led to the characterization of the current period as "Ethereum Season." Despite the surge, Cowen cautioned that the hype surrounding ETH treasury companies might be accelerating demand prematurely, potentially setting the stage for a bear market in 2026 as altcoins could capitulate and narratives shift. Additionally, market behavior suggests that price movements often drive narratives rather than the other way around, as exemplified by the absence of a sustained narrative around an ETH ETF due to the token not reaching $10,000. Technical analysis also shows parallels between ETH dominance charts and Bitcoin dominance fractals from 2021, reinforcing the current bullish outlook for Ethereum despite earlier skepticism about its investability.