The ETH rally has only just begun.

I see people on here already saying the rally is heated... but all I am seeing is the setup for a MAJOR trend reversal and prolonged price movement. I dont think we have even left the gates.

It's no surprise that Eth has significantly underperformed compared to the rest of the market. You have a lot of long term investors still sitting in losses, and what has seemed like an isolated bear market up until now. Hitting any evaluation around the ATH is pretty much baked in at this point and speculation can only truly begin once we cross that line.

The ETH/BTC ratio has finally found support after bouncing off a major trend line and the upside potential on the ratio alone is massive. With Bitcoin likely to make another 50% move ($150k seems like a conservative price target at this point) we could see the ETH ratio range from it's current levels at .02 up to .07 (7% of a Bitcoin) at the peak.

This would put ETH at $10,500 with BTC at 150k. If BTC goes higher, then consider 7% of whatever that number could be and do the math to see the potential....and this is only if ETH doesn't begin to decouple, and win more market share then previous cycles. Which it likely will because the narrative is beginning to shift.

Wallstreet is looking at this and seeing the risk to reward potential. Why allocate to BTC for 50% when you have a potential 5x or more sitting in front of you. Not only is the risk to reward greater, but it's yield bearing and the ETFs will soon be able to generate safe and steady income. BTC + Yield? Nothing they'd love more.

Price aside, We have incredibly bullish tailwinds with the righting of the ethereum foundations ship, the latest Pectra update, regulatory clarity, and institutional interest. There are currently boots on the ground in Wallstreet evangalizing ETH to institutions to finally bring the world on chain as ETH is open to do business at a large scale, boasting the most secure, battle tested and decentralized blockchain with ZERO downtime available to them for DeFi, RWAs, and more.

Overheated? No. You simply aren't bullish enough.