It seems that this cycle will be led by Solana, BTC and XRP as a form of bullish market crypto because those coins out perform Ethereum so far, ETH tends not to move much at the best moment, on the other hand also Vitalik has not made updates on the Ethereum network which is still fairly expensive in interaction on the network, although we can still use L2 but L1 activity is also still very much needed for some people to interact with existing dapps.
BTC is always leading the bullrun season in each cycle. Without the big pump on BTC price, it is hard to expect for altcoins season. Meanwhile for XRP, it doesn't reach its ATH yet. How it leads the altcoins season? I only consider BNB and Solana are leading the altcoins season. These altcoins have reached their ATHs, and they keep performing well.
Regarding Ethereum, not sure why it doesn't increase much until now. People start to feel disappointed with Ethereum performance. Since it is the number 1 altcoin, it should lead the increase of all altcoins. Unfortunately, it seems having difficulty to increase consistently.
I myself have ETH to play in the new product, but I highly doubt that ETH can reach the new ATH in this cycle easily.
I still believe in Ethereum to hit a new ATH. I'll keep it until Q2 of this year, I'll consider to sell it earlier in Q3 if it doesn't have no significant progress. Now, it is better to wait and see on Ethereum price progress.