ETH is holding up better than BTC and patiently waiting for a real bounce to get going. ETH bulls want to see the 4 hour lower highs break on BTC so ETH can follow along. Looking for a break of this equilibrium later this evening, but note that a break without clear direction from BTC should be taken with a grain of salt. We must see BTC go in the same direction for follow through. Risk to reward favors bulls more than bears for this particular setup, as the downside reaction will likely be a bit limited after all the pullback we have seen last week. No rush for traders while we wait on this pattern.
Well presented argument on the equilibrium to which we agree. However we expect the Lower High pressure to add extra selling momentum and drive the price lower: