Ethereum continues to lose to Bitcoin while trading within the downtrend channel. All attempts to produce higher high failed but yet it made a new lower low after breaking below BTC 0.046 today.
The nearest strong support, corresponding with a round psychological price is BTC 0.04 and that is where ETH/BTC might be heading towards.
At this point, buying is too early as sellers are dominating this crypto pair. If/when ETH/BTC will hit the support at 168.2% Fibonacci retracement, this level should be watched closely as it should give some clues about the further direction of Ethereum as well as Bitcoin.