The traditional view: But if we look within the crypto space itself, the last cycle was led by Bitcoin as the flagship asset. If we must pick a single flagship from within crypto for this cycle, it is very likely to be $ETH. This rally has shown that, whether at around $1,900 or at the current price, ETH has consistently absorbed overbought conditions and divergence indicators with strong, resilient consolidation. In the previous bull cycle, $2,800 was a critical level for Ethereum—below $2,800 indicated weakness, while above $2,800 signaled strength. For this cycle, $2,800 can similarly serve as an important reference point: in simpler terms, the first leg of this rally can be viewed as encountering significant resistance near $2,800 (Figure 1). From a higher time frame perspective, Ethereum’s current rally should be viewed in conjunction with the upward move that began in April 2025 (Figure 2).