Last time when KRAKEN:ETHUSD
broke the trend line
on May 17th , the bullish
altseason was over and investors who are holding this cryptocurrencies have had major losses. COINBASE:BTCUSD
has continued it's downward trend as well. The red arrow indicates where ETH is right now, if it breaks current support there might be more pain ahead for alts.
Besides owning Ethereum
I watch it as a canary in a coal mine.