ETH Is Losing the Battle Nobody Is Watching
Every time ETHBTC pushes into that falling trendline it gets slapped back down. Nothing has changed. And until something does, ETH making new lows against the dollar is not a maybe it's where this is headed.
This week showed the first real cracks. Triangle support that held for months finally gave out. But here's what nobody is talking about $ETH is already sitting below the level it held when BTC was at $60K. Think about that for a second.
All that relative strength ETH had? Gone. So if the market turns south one more time, ETH doesn't just dip it makes new cycle lows while BTC might not even be anywhere near danger. $BTC looks stable. ETH is already broken underneath. That's not a coincidence, that's a pattern.
Late cycle always looks like this. The weak asset starts crumbling first while the stronger one keeps people comfortable and distracted.
One level matters right now. April 2025 low on ETHBTC. Still technically a higher low on the macro chart. Still alive.
Price respects it → the recovery story stays open. ETH gets a chance to reset and build.
Price breaks below it with conviction → game changes immediately. New lows. New narrative. Very fast.
Watching closely.