So, with today's 10% spike, that brings Ethereum (ETH) back to the top of its 160 - 180 range. What seems most striking about this rally is that Bitcoin ( BTC ) is outperforming ETH on the upside. That is creating a red candle on the ETHBTC chart.

To get excited about crypto in general, we want to see ETH beating BTC on the upside. Until we see that, we are content to let this wild price action play out.

Bottom Line: The way this market is trading people have to be losing money as it looks like stops have been run on the upside and the downside.

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/.