H&S on ETH/BTCThe next H&S pattern may not be as obvious.
Just kidding.
In more seriousness, here are some things I'm considering when looking at Ethereum's relationship with the rest of cryptocurrency:
Cultural influence: consider the significance of NFTs, DeFi, and other applications being launched from Ethereum. The ICO craze that characterized the 2017 bull run in crypto was primarily fulled by Ethereum, and ideas surrounding capabilities of smart contracts. (Yes, these things are not exclusive to Ethereum, but many began on and continue to live/thrive on Ethereum.)
The Ethereum remains the most secure and decentralized of all smart contract networks. Furthermore, the amount of ETH controlled by central groups is smaller than all other chains.
Ethereum continues to make progress toward upgrade goals.
The plethora and growth of layer-2 platforms, scaling the speed and efficiency of the Ethereum network is more significant than all other chains.
The previous crypto winter (2018-2020) was characterized with strong growth in bitcoin dominance. However, the drop visible in this chart, has not been as low and long as expected by many traders - perhaps this is jut the beginning, of a decline in Ethereum's value relative to bitcoin. However, I speculate that the future bitcoin dominance has more to do with macro economic headwinds/tailwinds (how asset allocators understand any difference between Ethereum and bitcoin with respect to it's base utility - store of value, vs base economic unity of a thriving ecosystem of developing internet of value ) than with the base utility of the network.
Speculative take: Ethereum has likely entered into a phase of adoption among internet applications/companies, etc, that will cement it's continued adoption - this expansion could be anticipated to accelerate as Ethereum transitions to proof of stake (PoS) and is thus more computationally (energy) efficient for securing the blockchain. Advantages of PoS and PoW (Proof of Work) have merit from economic and computer science considerations, but far beyond what I'm sharing here.
