The analyst discusses Ethereum, noting weakness relative to Bitcoin and a bearish trend in ETHBTC. He observes bearish pressure on Bitcoin during the Asian session and a change in bidding patterns. ETHBTC is currently in a downtrend, and the analyst expects it to continue towards levels seen on October 10th, indicating a further drop is likely. He emphasizes the importance of Ethereum reclaiming the 3760-3800 level. Short-term, a push down towards 3600-3650 is anticipated before potentially finding support and slowly reclaiming the 3760 level again. Good news could change this outlook, but without it, the expectation is for Ethereum to underperform.