Ethereum (ETH) vs. Bitcoin (BTC): Remaining the Chart to Watch
For the last several days, we have approached the Ethereum (ETH) story by looking at ETHBTC. Our thesis is that we are looking for Ethereum to lead any future crypto rally.
Evidence that Ethereum (ETH) is leading would be created by a move in ETHBTC above the point where the last decline started. Elliot Wave practitioners call this point the previous 4th. We are just sitting here waiting to see if ETHBTC can move past this point.
Bottom Line: Doing daily analysis in a range is very hard. We would argue it's much harder than analyzing volatile markets. When it comes to ETH, we have been pleased as to how it has held up when other coins go down. That said, a breakout or breakdown is required before we can move our analytical framework forward.
Evidence that Ethereum (ETH) is leading would be created by a move in ETHBTC above the point where the last decline started. Elliot Wave practitioners call this point the previous 4th. We are just sitting here waiting to see if ETHBTC can move past this point.
Bottom Line: Doing daily analysis in a range is very hard. We would argue it's much harder than analyzing volatile markets. When it comes to ETH, we have been pleased as to how it has held up when other coins go down. That said, a breakout or breakdown is required before we can move our analytical framework forward.