An important chart to keep a look at.
$ETH vs. $BTC --> We'd love to see Ethereum outperform Bitcoin.
Overall, Ethereum hasn't done anything in the past weeks, as a matter of fact, vs. $BTC, it's provided a flatline.
That's different than a standard bear market thesis.
If Bitcoin drops 25% in two weeks, then, if there's a clear bear market, you would assume that Ethereum drops with 40-45% as it's a higher Beta asset.
That didn't happen, so something has been driving down Bitcoin solely.
In that sense, it's not unexpected to see the inverse happen, where we need to monitor this chart.
If this holds this crucial level and rallies upwards, outperforms Bitcoin on a bounce, then it's quite clear that this cycle is far from over.
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