Situation is very similar to what we saw back in March 2020, first ETH felt -26% before 20% bounce. This time it felt 20% for probably 14-16% bounce situation which would squeeze shorts and set a trap for bulls. Then Crash comes, with bottom around 600$
This is a logic long for such rare ETH event however for past month there wasn't any significant ETH pre-event rally. BTW 3AC is tweeting something related to BTC.D probably move to the upside.
Therefore if BTC has to go to 48-52K there's no way on earth alts (ETH) could follow such move against BTC.
There's very high probability to see BTCUSD move to the upside...
I took XLM as exemple because i like 61.8 retracement with Bitcoin dominance bearish divergence ALTS gonna blow up even if BTC continue his uptrend.
We could see same situation as in August '17
Cheers
