The spread between ETH/BTC serves as a risk on / risk off barometer for the crypto markets. The market is bullish if ETH outperforms BTC and vice-versa. It seems like the spread is doing some ending diagonal pattern for its primary wave C that would end with a ratio of exactly 0.055 ETH for 1 BTC. In my previous post, I forecast ETH to fall around the 1400-1500 level this week. This gives a forecast for BTC of 25,400-27,200. This would mark the end of the whole correction that began in April. July could indeed be a bullish month!
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