Looking at ETHBTC, we see the cross rate has returned to a previous peak from November of 2017. It also seems noteworthy that the current level of ETHBTC acted as a key pivot zone back in the spring of 2017.
In one instance this level proved to be a top. In another instance, a breakout above this point ignited big ETH outperformance vs. BTC.
Also of note, technically: ETHBTC is sitting just below a big Gann angle.
Why does this chart matter? Two reasons:
1. First, ETH weakness seemed to be the early warning that the entire crypto complex was going to decline. So, if crypto is going to turn around, ETH should (and better) start outperforming.
2. Second, the talk of limiting ETH supply (link to discussion here) should create more than a one-day bounce. Given the head and shoulders top in ETHBTC, it better…or ETH could be in trouble again. If something bullish appears on the tape, and it doesn’t create a meaningful rally, the lack of reaction to the catalyst could turn out to be a very bearish signal.
Bottom Line: Bottom Line: With BTC mired in a range, a glance of the future may be in looking at relationships between the big cryptos. With the avalanche of tax related selling coming to an end, a bullish catalyst needs to appear. ETH outperformance vs. BTC could be such a catalyst. That said, in absence of this or some other bullish catalyst, fear could return.
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(although ETH is actually slightly up, probably on its way to form a double top at about current prices, waiting to see what BTC does before breakout / breakdown)
