After breaking out above $110K in early July to a fresh all-time high just under $123K, Bitcoin has been consolidating in a new range between $115K and $120K.

Meanwhile, BTC dominance has dipped to 61% from its cycle high of 66%, primarily due to the rally in large-cap altcoins like ETH, XRP and BNB.

ETH sentiment has reversed drastically since April, driven by torrid ETF inflows and the advent of Ethereum treasury companies like Sharplink and The Ether Machine. If ETH can take out $4,000 decisively, it should challenge the 2021 ATH at around $4800 next.

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