We like 89-minute charts when we have to get granular on a coin. Looking at the 89-minute bar of Ethereum (ETH), we noticed that ETH has broken below a parallel channel . That may mean a flush to a trend line at 165. Conversely, If Ethereum (ETH) was ever able to get a daily close back above 180, ETH likely turns around and breaks out of the top side of the channel.

Bottom Line: It looks like the adverse price action in equities is weighing on crypto. We can live with that because we think crypto will eventually become the haven from the exodus from equities. We believe Ethereum (ETH) could lead such a move, and we are willing to be patient buyers on big dips.

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/.