When we look at the chart of ETH, we like what we see.

Right now, bulls and bears are battling right on top of the support zone between 160 - 170. We view it as good for the bulls that there is a temporary stalemate near this 170 level.

One of the keys for ETH is to see if ETHUSD can survive a significant decline in other risk assets. We noticed stocks ( QQQ ) are starting to fall apart this morning.

Bottom Line: If ETH can stay above the 160-170 with stocks falling apart, it would be an unbelievably good sign for ETH. If ETH holds up, we believe ETHUSD may be forming a base to launch a move to 350.

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/.