Spell/ETH Chart - ETH Stalls and FTX PERPS settle volatility

First chart, so pretty quick and rudimentary explanation of what I'm thinking, but here goes.

If we see BTC breakout and suck up bids of other majors, then only alts with momentum will be the ones with possible upward potential. No DeFi alt has more narrative and price momentum than SPELL imo.
This chart is just visually what I'm thinking could happen during the BTC dom run, where ETH either stalls out or bleeds a little bit while SPELL picks back up after rebounding from the FTX short hedgers. I think we could see SPELL gain a bit more on the ETH pair over the next few weeks, and I'd be targeting somewhere along this trendline until I see ETH show some strength (if this plays out like I think in my head).

After the huge upwards move, we've settled since then and formed a bit of pennant. I'd be betting on a breakout to the upside for various reasons, as I think this is pretty good consolidation territory, but the only downwards breakout I could imagine wouldn't be on the SPELL/USD pair, but when ETH starts outpacing it on the /ETH pair.