The ETH/BTC intraday spread serves as a risk on / risk off barometer. In my previous analysis, I called the giant triangle shown in green that allowed me to buy at the bottom at the end of July. After, I mentioned two scenarios: 1) the ETH/BTC spread would decouple to trade at 0.18 ETH per BTC in a couple months or 2) the ETH/BTC spread would end up at the same level as in May, forming a , in the worst case scenario. Unfortunately, the worst case scenario is unfolding. The spread is doing an with one missing leg, which means the end of the altcoin season is near. For now, a trader should still favor ETH over BTC , but this might last 2-3 weeks at best.