Here we have the ETH vs BTC chart or ETHBTC showing a key support zone which needs to hold for ETH to continue outpacing BTC .

Some other observations from this chart:

• There is also a clear cup and handle possibility, which is bullish but with us in the most volatile part of the pattern, the handle formation.
• A 64 week inflection point is nearing, this is also a fib circle zone (circle indicator is hidden) where formally it has resulted in a reversal (AUG 1st)
• August 1st is around the time the ETH 2.0 Merger is planned to launch on the ETH Testnet – Could be bullish
• Price is below the 50 week MA and has a weekly close candle below the 50 week MA ( bearish )
• Could be some downside for ETH if we break below this key support level with ETH/BTC
• If we bounce again, and there is further consolidation then the resistance is highlighted on the chart by the yellow dotted line.
• A break below could indicate liquidity moving back into BTC , or the market preparing for more turmoil.

Thanks for watching – follow me on twitter for more ideas @NFVeej