The ETH/BTC Spread serves as a risk on/risk off barometer for the crypto markets. The Spread broke the giant triangle in mid-July with an intermediary wave 1 and is now finishing an intermediary wave 2, which could cause ETH to underperform in the near-term (couple days only). However, a powerful intermediary wave 3 is around the corner and could make ETH outperform BTC significantly. The reason for that decoupling would be the triple halving of ETH:
1) EIP-1559 with Ethereum being burned and becoming more scarce;
2) Moving from Proof-Of-Work to Proof-Of-Stake with Ethereum 2.0;
3) Lower gas fees, higher usage of DEFI / more ETH staking.
1) EIP-1559 with Ethereum being burned and becoming more scarce;
2) Moving from Proof-Of-Work to Proof-Of-Stake with Ethereum 2.0;
3) Lower gas fees, higher usage of DEFI / more ETH staking.