Those who are busy celebrating a new Ethereum (ETH) all-time high might be at the very top of the roller coaster. 

Market analyst Vetle Lunde of K33 Research has shared an insightful and revealing chart, which overlays Bitcoin's post-2017 price history on the logarithmic scale against Ethereum (ETH). 

The chart shows that Ethereum's all-time highs typically tend to mark cycle tops. 

The price of Bitcoin tends to top earlier, and by the time the flagship altcoin reaches a new peak, bull markets tend to already be exhausted.

This, for instance, was the case in early 2018 and 2021 (after both Bitcoin peaks). 

What pundits are saying 

That said, some market analysts remain optimistic. For instance, permabull Tom Lee, who has now emerged as Ethereum's Michael Saylor after turning mining company Bitmine into the largest corporate ETH holder, believes that the cycle is still in its early innings. 

However, judging by Lee's track record of excessively optimistic predictions, this market call should certainly be taken with a grain of salt. 

Meanwhile, commodity trader Peter Brandt recently opined that there is a 30% chance that Bitcoin has already topped during the current cycle, and he later suggested that such a probability could actually be higher. 

Polymarket odds 

Bitcoin is currently changing hands above the $112,000 level. Meanwhile, ETH is trading just below $4,700.

According to Polymarket bettors, there is a 17% chance of Bitcoin plunging all the way to $70,000 by the end of the year. There is a 9% chance of Bitcoin hitting $200,000 by Jan. 1, 2026.

Notably, ETH is more likely to hit $17,000 than $1,500 by the end of the year (6% and 5%, respectively).