With the recent PA, it's become difficult to shake the bear market feeling. Well here is my 2 simple thesis. 1. Ethereum is the second most capitalised crypto and has an ETF. And with this, a crucial part of this industry. This industry can not experience a complete bull cycle without Ethereum breaching previous cycle ATH. One can argue much innovation has moved away from Ethereum. That brings me to... 2. Overtaking is definitely allowed. So in place of Ethereum entering price discovery, I want to see one of these other L1s [or even L2] flip Ethereum for the No 2 spot sustainably. Only one of the above will make me truly believe the sun is setting on the bull market.