taking a break from my regularly scheduled sermon about solana:6GmAFSYs4gk3FDao5FzzySQpPZaWsa4rUJHacpMpUNgx and solana:8RVBk8vxLiUHueLUW1f4izFVqN3nWippLhkohKg6EGkS and stonk eco coins (which, BTW, happy ATH to those who celebrate)
did not expect eth to pop to $2600 on this post-macro-data "ok the sky didn't fall, you can come back from derisking" mini impulse up
drew this squiggle a month or two ago and it's holding up.
i've been a vocal eth bear for several years now, but this chart is pointing in a clear direction, and forced me to buy (and rebuy) a lot of eth. i think ETHBTC goes to at least .05 or .06, and could surprise much higher.
the wealth effect downstream of this is big. i have a decent chunk of pepe as a "spot levered eth" type of bag, since rich eth whales need liquidity to size in on beta, and don't know or care about post-2023 memes, and pepe is their target of choice. it did an 80% move in a single candle when eth did 20% after bessent announced YCC. i think this continues through the cycle, and i think eth and pepe both put in new highs