The good news is that Bitcoin has reached a new historical high, breaking through $97,000! But the bad news is that altcoins are still in a slump, with Ethereum remaining as stable as a stablecoin, still hovering around $3,100.
Ethereum's current performance is actually related to the recently surged public chains like Solana, Sui, BNB, etc., which have taken away a lot of ETH's funds and market traffic.
As for the trend of ETH, my personal opinion is that past trends can temporarily be disregarded, and instead, we can focus on the breakout trend that started on October 17th of last year.
The performance since then has provided us with good references. Now, ETH's trend has not seen a significant surge, which actually indicates that the current market is still in its early stages, because when ETH starts to surge wildly, it is usually at the tail end of a bull market.
Therefore, from a broader perspective, the current relative stability may be a signal that the market has not fully exploded yet.
