I think from the perspective of cycle allocation, since it's basically confirmed that ETH has lost its alpha against BTC in the big picture, I won't be allocating to ETH during this bear market bottom. Unless there's an oversell relative to BTC during the bear bottom or a pullback in the middle of the bull market, then it could be worth buying for a relative recovery against BTC. Alternatively, if ETH introduces new technological innovations or a super narrative that can attract a large amount of active capital, then it would be worth entering later on the right side when such signs emerge.