As long as ETHBTC keeps rejecting this descending trendline, I still think there’s a strong chance that $ETH eventually prints fresh cycle lows against its fiat valuation. This week, ETHBTC started breaking down from its descending triangle support, and it’s now trading below the levels seen when $BTC was around $60K. That’s important because if the broader market weakens again, ETH could end up making new lows before Bitcoin ever returns to the $60K region. Right now, the key level to watch is the cycle low ETH formed against BTC back in April last year, which still acts as the major macro higher low on the chart. As long as that support remains intact, ETH still has room to maintain a macro higher low structure and potentially reset for the next cycle higher. Follow to stay updated. #BTC Price Analysis# #Macro Insights#