After the breakdown of the long-term trendline and MA 200, ETH respected MA 200 in a daily timeframe. it is now above the channel support. ETH behavior towards this support will correlate with bitcoin. If Bitcoin loses its support line, Ether certainly can't maintain itself above the support level.
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For more of my on-chain analyses, visit my CryptoQuant profile:
cryptoquant.com/profile/u/CryptoOnchain?tab=quicktake
cryptoquant.com/profile/u/CryptoOnchain?tab=quicktake
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.