I'm going to take the perspective of long-term Ethereum bulls, not the obviously wrong dyed in the wool Ethereum is dead haters.

There's broadly two perspectives.

 1) This cycle will skip Ethereum.

Why? Puberty is why. Ethereum is going through it's awkward emo stage where trying out adulthood and the wORLd doesn't uNDerSTAND.

The big change is L2s. This is the first cycle Ethereum is basically telling new users - nah don't use Eth, we're too expensive, but good news we've got 100 shiny new L2s you'll love it. Bridge, fragment, frustrate, repeat.

"But L2s are Ethereum!!!"

Yeah yeah i know in the fullness of time that's right. L2s are amazing, the best long-term way to scale decentralization, vitalik's vision etc etc. Don't tell me - I've been mod-pilled since like 2021 polynya - but thing is, i'm not the new marginal buyer of ETH.

Who is the new buyer?

It's memecoin chad. It's app-user stacy. It's tradfi larry.

But chad and stacy are busy buying the token on the chain they're using and there's 96 distractions on L2beat. Larry's buying bitcoin - you think he gaf about onchain cash flows rn?

"But fragmentation is being solved and fundamentals matter because...." Let me stop you there.

I know.

It's puberty. Ethereum is biting the bullet, taking the hard road, going through its necessary awk phase in order to become a mature and well-functioning grown ass chain while toddler chains take shortcuts. FEW.

It's the long term play but will it pay off this bull cycle?

Nope. We skip the cycle.

2) The ETH Bull is Coming.

"You stupid narrative trader" the second ETH bull says. "Of course 10k ETH is coming...give it a min. BTC first, then ETH this is how it happens."

Indeed you'd have to be a fool not to see how much stronger Ethereum is compared to its 2020 cycle.

Only profitable chain & it's not even close. Rock solid monetary economics. Largest exchanges in the world doing ETH L2s. ZkEVMs here. Unlimited L2 budgets accelerating ETH tech. Verge of ETH ETF. Blackrock tokenized treasuries...omg the fundamentals are insane.

Your chain has 1m users? Cool. Ethereum is the root-chain for 1,000 chains w/ 1m users each watch them eat your fees - L2 chain fragmentation?? 100% being fixed, other chains taking mad centralization debt they'll have to pay back - THIS IS THE GWEI

Only a matter of time before investors wake up and start starting valuing cash flows instead of narrative junk food.

ETH missing this cycle would be the dumbest of outcomes and is just so improbable it's barely worth considering...markets are weighing machine so The ETH Bull is Coming.

Two perspectives for ETH bulls.

The Skippooors and the Waitoors. 

Which are you?