With crypto in a see red, we do see one positive. Looking at Ethereum (ETH) vs. Bitcoin ( BTC ), we see ETHBTC is floating around in a zone where a significant amount of volume traded. To us, this means that ETHBTC is comfortable at the levels. Given the sea of red, we are happy to see that Ethereum (ETH) has not fallen apart outright and vs. Bitcoin ( BTC ).

All that said, there is probably risk Ethereum (ETH) vs. Bitcoin ( BTC ) is not immune if the slide in crypto continues. ETHBTC was not able to take out its previous 4th wave. The previous 4th wave is Elliot Wave jargon for the point where the last decline started. A burst through that level is required to confirm that a bull move has begun.

Bottom Line: These corrective slumps in Ethereum (ETH) vs. Bitcoin are more of a nuisance. We believe there is material long term upside here. We have to live with corrective activity and wait.

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/.