Nobody knows when the market will take bullish turn but if it's going to happen then we might see a new ath not only in eth even in many altcoins nevertheless I think it may take time to recover crypto currency market and we can't expect another ath of eth without a massive bullish market conditions but according to my estimate Ethereum is very capable crypto currency to make another ath.
One economist once said a brilliant thing: "If the Fed prints money, then the markets go up, if the Fed raises the refinancing rate, then the markets go down."
I think this is a temporary false growth, and then there will be a big haircut of the longists.