The Crypto market is in the red today. There is one bright spot. Ethereum (ETH) is outperforming Bitcoin ( BTC ). With ETH trading well, ETHBTC is rallying above its 50-day moving average at 210.

We see this as very bullish for ETH and the entire crypto market. We see ETH heading higher to retest it's "previous 4th" wave vs. BTC . We see technical support for ETH at 185.

Bottom Line: If ETH continues to hold up, we cling to a belief that crypto markets can move higher.

DISCLOSURE: Token Metrics is a regular publication of information, analysis and commentary and does not provide individually tailored investment advice. The Token Metrics team has invested and advised in many blockchain companies. A complete list of the team disclosures, advisory roles and current holdings can be viewed here: https://blog.tokenmetrics.com/disclosures/.