ETH needs way more gas to continue ETH has been on an absolute tear over the past week or so; As seen in the price action as well as the predominant ETH/BTC pairing. At this point, ETH/BTC has hit a pretty significant resistance area. It appears the first weekly resistance identified has proven as a stop point for this tear-up on ETH. Given our principal on mean regression, we would expect ETH/BTC to reverse course to get back on track to its longer-term trend line; If we see a significant breakdown of ETH price itself (alongside negative narrative & ES direction), we could see more significant regression on HTF expectations. At this point, I'm building a very cautious short position to hedge against my current spot holdings; Stops are set very tight in case we see a breakout through the first resistance into the "Sus zone"; I'll be watching momentum on this movement as any sign of weakness may indicate a great opportunity to short with heavier size.
Alternatively, as pointed out by others, the safest trade I can see at the moment would be to trade the ETH/BTC pair directly;
