Definition. Ethereum's price as a % of each cycle's all-time high, aligned at the ATH date. Readings below 100% are drawdowns; crossing above 100% marks new all-time-high territory. The palette is recency-anchored: the current cycle is black, with older cycles in progressively lighter colors (blue, green, amber).

Technical. Each trace rebases price to its cycle anchor and time-shifts it so all anchors align:

• Cycle Performance = Price / Price at cycle ATH (log scale, percent)
• Anchor dates: 2015-08-08 (trading start, carrying the first cycle into its 2018-01-13 ATH), 2018-01-13, 2021-11-08, and 2025-08-22 (current cycle, black)

Interpretation. Anchoring at the ATH turns each cycle into a drawdown-and-recovery profile: the depth of the ensuing bear market, the duration spent underwater, and the time needed to reclaim the prior high. Ethereum's drawdowns have historically been deeper than Bitcoin's — in the region of -80% to -94% — and its underwater periods longer, consistent with its higher-beta profile; the 2018-01-13 ATH took until 2021 to reclaim. Crossings above 100% have historically opened the steepest phase of ETH bull markets as price entered untraded territory. The small number of cycles and the anchor choice for double-peak structures temper how much weight any single overlay comparison can bear.

Notes. The Bitcoin twin is BTC Price Performance Since Cycle ATH. Companion ETH views: Price Performance Since Cycle Low and Price Performance Since Bitcoin Halving. Built from Price.