Look at ETHBTC there is no trend reversal yet. I see a lot more excitement going into London hard fork. Especially around EIP-1559 that excitement is around the token burn aspect. This seems similar to the excitement around Bitcoin having. When price did not shoot up instantly after having people were disappointed. I think it's likely EIP-1559 has similar effects short term and continues this downward trend. The network needs to see a gradual increase in usage and more use of L2 and side chains. While EIP-1559 should burn coins and also make gas price auctioning more efficient. I think it's not impossible to see flipping this cycle though I don't think Ethereum holders have capitulated yet. Bitcoin seems to have gone through capitulation during its last cross of 30k. It's likely it will lead the next part of this market rally pulling capital from alts. BTC.D is still in an uptrend.
