Definition. Ethereum's price as a % of each cycle's bear-market low, with all cycles aligned at their low date. 100% marks the low itself; 300% means price stands at 3x the low. The palette is recency-anchored: the current cycle is black, with older cycles in progressively lighter colors (blue, green).

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

• Cycle Performance = Price / Price at cycle low (log scale, percent)
• Anchor dates: 2015-08-08 (Genesis cycle), 2018-12-14, and 2022-06-18 (current cycle, black)

Interpretation. Aligning cycles at their lows exposes the shape and tempo of each ETH recovery: how quickly price compounds off the bottom, where mid-cycle corrections cluster, and how far each expansion ultimately carried. Ethereum's early genesis cycle delivered by far the largest multiple, and successive cycles have compressed markedly — the same diminishing-returns structure observed in Bitcoin, amplified by ETH's higher beta. With only three cycles on record, the sample is smaller than Bitcoin's, and cycle lows are only unambiguous in hindsight, so the current-cycle anchor is provisional. Comparing ETH's trajectory against the Bitcoin twin chart at the same cycle stage also gauges the relative-strength backdrop between the two majors.

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