$ETH bounced 2.8% since Sunday's close. $BTC did 2.7%. That's ETH following, not leading.
ETH/BTC on daily closes:
- Sep 23: 0.03181
- Sep 28: 0.03220, the 30-day high
- Oct 18: 0.02935, the 30-day low
- This morning: 0.02939
Over 30 days BTC is flat (-0.1%) and ETH is down 7.7%. The ratio lost 7.6%.
Most of that came on Oct 7 and 8, when it dropped from 0.03153 to 0.03027 in two days. None of it has come back.
For five days the ratio has sat between 0.02935 and 0.02950. ETH moves with BTC, no better.
What would change my read: ETH/BTC back above 0.0300. Its last daily close above that was Oct 13. Until then, an ETH long is a BTC long with more swing.
Are you holding ETH for a catch-up, or waiting for the ratio to turn first?
ETH/BTC on daily closes:
- Sep 23: 0.03181
- Sep 28: 0.03220, the 30-day high
- Oct 18: 0.02935, the 30-day low
- This morning: 0.02939
Over 30 days BTC is flat (-0.1%) and ETH is down 7.7%. The ratio lost 7.6%.
Most of that came on Oct 7 and 8, when it dropped from 0.03153 to 0.03027 in two days. None of it has come back.
For five days the ratio has sat between 0.02935 and 0.02950. ETH moves with BTC, no better.
What would change my read: ETH/BTC back above 0.0300. Its last daily close above that was Oct 13. Until then, an ETH long is a BTC long with more swing.
Are you holding ETH for a catch-up, or waiting for the ratio to turn first?