$ETHBTC - D1
Couldn't flip D1 100 MA, back at retesting D1 trend.
If orange (D1 trend area) can't hold, then that was it for now for ETH relative strength.
If defended, we give D1 100 MA another shot.
Would be very ETH to continue relative strength but still depreciating in $$.

$ETHBTC - D1
- Broke D1 downtrend
- Retested it + H4 200 EMA from above
- Defended it
- Filled gap to D1 100 MA
Now trying to break through it while BTC still fighting sub D1 downtrend. D1 trend -> D1 100 MA was the main gap I was watching for ETHBTC strength... I guess now we  x.com/pierre_crypt0/…

Pierre

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Author | Jeff Park (Chief Information Officer, Bitwise)
Compiled by Odaily Odaily(@OdailyChina)
Translator | Dingdang (@XiaMiPP)
Editor's Note: On February 5th, the cryptocurrency market experienced another sharp drop, with over $2.6 billion liquidated in 24 hours. Bitcoin briefly plummeted to $60,000, but the market seems to lack a clear consensus on the causes of this decline. Jeff Park, CIO of Bitwise, offers a new analytical framework from the perspective of options and hedging mechanisms. [...]

The Black Swan Event Was Actually This: The Real Reason for the Recent Bitcoin Crash

Author | Jeff Park (Chief Information Officer, Bitwise)
Compiled by Odaily Odaily(@OdailyChina)
Translator | Dingdang (@XiaMiPP)
Editor's Note: On February 5th, the cryptocurrency market experienced another crash, with over $2.6 billion liquidated in 24 hours. Bitcoin briefly plummeted to $60,000, but the market seems to lack a clear consensus on the causes of this decline. Bitwise CIO Jeff Park offers a new analytical framework from the perspective of options and hedging mechanisms.
...

The release of this new regulation marks a historic leap in the attitude of Chinese regulators towards virtual assets, shifting from a "complete ban" to a "combination of restriction and guidance."

Article Author & Source: Guofeng Law Firm On February 6, 2026, the "Notice on Further Preventing and Handling Risks Related to Virtual Currencies" (Yinfa [2026] No. 42, hereinafter referred to as "Document No. 42"), jointly issued by eight ministries led by the People's Bank of China, and the "Regulatory Guidelines on the Issuance of Asset-Backed Securities Tokens Overseas by Domestic Assets" (hereinafter referred to as the "Guidelines") simultaneously issued by the China Securities Regulatory Commission, have triggered significant reactions in the legal and financial circles...

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Losing H4 200 EMA && D1 trend. Was D1 100 MA gap fill… all it could give ? 🫡

Reclaiming it was the best trigger for recent move to D1 100 MA.

Basically if it can't rapidly (by eod/tmw) get back above 0.0345 then imo small window of ETH relative strength is over for now.
(again.. The same way reclaiming it on Dec 7th was great trigger for ETH relative strength window to open)