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Caleb Franzen observes that the ETHBTC pair is making new lows, now trading at prices last seen in July 2025.
He highlights that ETHBTC was recently rejected on its 200-day moving average cloud, calling this a bad sign for risk appetite after discussing the breakdown with members of Cubic Analytics.
Franzen recently noted that bitcoin was trading just 2.3% away from its 200-day EMA, a level similar to what was seen in January 2026. In addition, he has pushed back against common comparisons of current equity markets to the late 1990s. These observations reflect Franzen's ongoing focus on key technical levels and market analogies.