In my opinion the elephant in the room at the moment is the SEC/CFTC meeting to discuss whether Eth is a security or not. The FUD was that today they are going to meet and eventually reach a decision, so far nothing has happened but you can see that the markets are concerned about it if you look at ETH's volume and dump for the day.
I wrote a bit about it in my artcile Would be glad if you check this out :)
In general BTC seems like it's underperforming but I wouldn't say so. When thing were selling-off BTC held a lot better than most of the alts. We will see soon enough I guess ! Thanks for the article, gives food for thought.