ETH about to go sharply lower?

Model continues to sit on 100% CASH.

In the last update, the below was mentioned

Also, another interesting insight is Alts are still looking very weak. So we could potentially have another BTC season.

Model is bullish on BTC Dominance.

In the midweek update, it was mentioned that BTC was looking good on LTF but the HTF closing has not been strong and the Model is detecting potential bearish reversals.

BTC close above 30500
ETH close above 2050
would be an invalidation of the bear case.

Even if there is a crypto rally, most traders are NOT positioned for a BTC-only rally which makes its a max pain scenario.

Model is bearish on both ETH/BTC and ETH/USD.

Given this backdrop, Alts could have a rough time in the coming days. Stay safe!

It would make sense to tighten one's risk management and close all non-conviction / LTF plays till we get a strong indication of trend reversals.

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