Both are in a bubble. Ethereum is in a much bigger bubble.
The bigger the bubble the sooner it will burst, just any day now. While for bitcoin I think we are used to the bubble blowing and bursting, people who invested a lot in ETH might get surprised. Why I meant is that I consider fiat money to be a bubble too. Considering that in the past every global currency reserve has fallen:
We just have to wait a bit more to see USD collapse as well.