When we talk about officially breaking down is when a weekly candle closes below, or above, a certain price level. This happened for ETH/BTC this week showing more weakness in the Altcoin market, and in crypto in general:
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.