Definition. Ethereum's price as a % of its level at each Bitcoin halving, with all epochs aligned at the halving date. 100% marks the halving-day price. The palette is recency-anchored: the current epoch is black, with older epochs in progressively lighter colors (blue, green, amber).

Technical. Each trace rebases ETH's price to its epoch anchor and time-shifts it so all anchors align (log scale, percent):

• Epoch Performance = ETH Price / ETH Price at epoch anchor
• Anchors: Epoch 2 (25 BTC era) from ETH's trading start 2015-08-08; Epoch 3 (12.5 BTC) 2016-07-09; Epoch 4 (6.25 BTC) 2020-05-11; Epoch 5 (3.125 BTC, black) 2024-04-20

Interpretation. Although the halving is a Bitcoin supply event, it delimits the market-wide cycle regimes in which Ethereum trades, so anchoring ETH's performance to halving dates tests how the second-largest asset has performed across those regimes. ETH's epoch trajectories have historically amplified Bitcoin's pattern — larger multiples in early epochs, sharper compression later — reflecting its higher beta to the market cycle. Divergence between ETH's current epoch path and Bitcoin's own halving chart gauges relative strength: epochs in which ETH's curve runs above BTC's correspond to phases of broadening risk appetite. As Ethereum listed midway through Epoch 2, its first trace covers only part of that epoch, and the sample of complete epochs is small.

Notes. Bitcoin's own epochs are charted in BTC Price Performance Since Halving. Companion ETH views: Price Performance Since Cycle Low and Price Performance Since Cycle ATH. Built from Price.