$ETH still isn’t showing the kind of strength you’d want to see here,especially with BTC not even fully breaking down yet.
Ethereum is now on the verge of losing the ascending channel it’s respected for the last 4 months, while BTC continues to hold above the midpoint of its range.
If ETH is struggling this much before BTC has even tested range lows, it’s difficult to believe the downside is fully behind us.
Right now, this still looks like a chart that eventually rotates lower and potentially revisits new cycle lows later this year.
There will be a time when ETH becomes a high conviction buy again for the next expansion phase.
But structurally, this still doesn’t look like the area to be aggressively catching the knife.
$BTC $ETH
Ethereum is now on the verge of losing the ascending channel it’s respected for the last 4 months, while BTC continues to hold above the midpoint of its range.
If ETH is struggling this much before BTC has even tested range lows, it’s difficult to believe the downside is fully behind us.
Right now, this still looks like a chart that eventually rotates lower and potentially revisits new cycle lows later this year.
There will be a time when ETH becomes a high conviction buy again for the next expansion phase.
But structurally, this still doesn’t look like the area to be aggressively catching the knife.
$BTC $ETH
