BTC bulls have an impressive showing buying the dip and forming the daily higher low while keeping within striking distance of the recent daily lower high.
ETH bulls have a lot more work to do to get into the same positioning after significant pullback the last couple days.
We are likely to stay within the current daily range for a few days at least, and the ETHBTC chart continues to favor BTC bulls.
Because of this, and because ETH is no longer at extreme oversold levels, my attention is on BTC here.
We are back to a scenario a couple weeks ago where bulls favor BTC and bears favor ETH for the current correlations.
It will require some significant bounces and trend changes in ETHBTC to change the relationship between the two.
ETH bulls have a lot more work to do to get into the same positioning after significant pullback the last couple days.
We are likely to stay within the current daily range for a few days at least, and the ETHBTC chart continues to favor BTC bulls.
Because of this, and because ETH is no longer at extreme oversold levels, my attention is on BTC here.
We are back to a scenario a couple weeks ago where bulls favor BTC and bears favor ETH for the current correlations.
It will require some significant bounces and trend changes in ETHBTC to change the relationship between the two.
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