Each new cycle confirms the same thing – everything is in the hands of the Fed.

Source

See for yourself: when the Fed prints money (QE), ETH goes up. When the Fed tightens policy (QT), ETH falls relative to BTC.

When can this happen?

History shows that the Fed always reverses the course of monetary policy around March.

The next meeting will be held on March 18-19, and perhaps then we will see a reversal in the PREP.

If the Fed really turns around, starts increasing the balance sheet and stimulating the markets, then the altseason will get fuel, ether will begin to accelerate, and capital will start flowing into alts again.

What's next?

Until the Fed has launched QE, ETH/BTC looks weak. But as soon as there is a signal for a reversal, the market will feel the liquidity and will start to win it back in advance.

We are watching the Fed's actions – the entire market depends on them.