ETH/BTC — 1D

This chart tells you everything about why ETH has been painful to hold.
- ETH has been bleeding against BTC since September.
- 7 straight months of lower highs.
- The 200 EMA is curling down at 0.03179, and price is sitting just below it at 0.03090.
That whole 0.0285 to 0.0315 zone is the demand block that caught the February flush. Price wicked hard down to 0.0285 and has been grinding back up since.
Right now it’s attempting to reclaim 0.0310. That level matters.
If ETH can close daily candles above 0.0320 and eventually crack the 200 EMA, that’s the first real sign the ratio is bottoming.
Until then this is just a dead cat bounce inside a downtrend.
I’m not rotating into ETH heavy until this ratio shows me a confirmed reversal. BTC dominance has been winning this cycle and the chart proves it.
Bias: cautiously watching for a bottom, but not convinced yet.