Ethereum now is like it was in 2019, 4 years ago. In 2019 bear market Ethereum recovered from about $130 to that year highest price about $340.
I don't expect Ethereum to have a rally which is too closely to its all time high in 2021 about $4700. It won't happen in a bear market and it is simple to realize that fact. I agree that it is a good plan to accumulate Ethereum before a next halving of Bitcoin in 2024. Ethereum will follow Bitcoin after Bitcoin makes its new all time high. It is specifically supported by the Burning mechanism by Ethereum itself.
A great website to see changes of Ethereum supply after the Burning mechanism was activated and how will it go in speculative model.
https://ultrasound.money/Great website, go there all the time. ETH down now almost 110k in supply since the merge. Which feels like a lot but is a drop in the bucket. And it's absolutely nothing compared to the old POW issuance that used to be live. Regardless it's a fun trend to watch.
The interesting thing to note about ETH is the ETH/BTC ratio to me personally. It really didn't lose much of anything during the bear market trading around roughly 0.07 which is interesting. And during bull markets, various alts seem to crush. So there is a plausible case to be made that on the next bull market ETH rips higher on the ETH/BTC ratio to somewhere in the 0.1-.2 range. Who knows.
I can say that there's about 10x developer work done on ETH consistently over time and about 10x TX fees happening vs Bitcoin, so it is a highly sought after blockchain network, especially when compared with anything else, even Bitcoin.