BTC-ETH spread needs to go way up. When you buy bitcoin a market maker sells it then buys ETH so he's -1 BTC and +~19 ETH. He then buys the spread position to get flat. The spread is a ratio. Its how market makers trade. BTC-ETH is an actual contract market makers can be long or short.

So if you're the fed or JPM you could create a ton of eth sell it into the market and forcing the price down (opposite trade as above). JPM creates the eth out of nothing. Fed buys it and holds it forever.

ETH is key to manipulating the whole thing that's why they are trying so hard to legitimize it.

Anytime you see BTC start to rally a lot you see a ton of ETH get sold into the market to control it.