Daily dose of Chart : 23 June 2025

$ETHBTC failed multiyear breakout.

To understand the investor positioning in the Crypto markets we must understand the $BTC values of the Altcoins. In terms of USD the valuations might go up but if we look at the pair trade of the Altcoins relative to $BTC we can relay understand the flow among the various Cryptocurrencies.

Let’s understand the relationship between $BTC and $ETH, the second largest Crypto and the largest one in the $TOTAL2 index. Below we have plotted a multiple year $ETHBTC chart for reference. IN the previous cycle the $ETHBTC char bottomed @ 0.02 and then $ETHBTC had a bull run where the chart topped out on 0.09. This was during the rush of Crypto Punks and the likes which were traded using $ETH. At the same time the RSI of $ETHBTC also peaked at 90. Since then, it has been bleeding slowly.

The $ETHBTC has suffered a series of lower lows and lower highs forming a bearish pattern. The RSI also never regained in strength and has also been forming lower highs and lower lows. This April the $ETHBTC touched the last cycle low of 0.02. Since then, it has tried a bounce back but failed again at 0.025. My prediction is that the $ETHBTC will struggle to break out of the 0.236 Fib retracement levels plotted on the previous cycles Highs to the Lows.

Verdict : $ETHBTC looks bearish on medium to long term. Short term bounce back possible to 0.0375.

$ETHBTC looks bearish as ever

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