If Ethereum spikes by another 20% against Bitcoin, we will see official return to ATH
Ethereum’s 20% Price Increase Would Place Second Largest cryptocurrency in the market around the ATH zone, but only against Bitcoin and not USD.
Following the underperformance of Bitcoin against Ether, crypto #2 closed the gap with digital gold and recovered a large part of the previously lost growth. According to the chart shared by Blockware Analyst, Ethereum might enter the uptrend against BTC once again.
In just three days, Ethereum hit the price of 0.07 BTC per coin while previously trading around 0.05 BTC. In November, the market saw Ethereum close to 0.1 BTC as the rise of the NFT and DeFi industry prompted a massive dominance rally for the second-largest cryptocurrency in the market.
With the most recent rally, we might see Ethereum getting back on track against Bitcoin as the Merge update seems to attract more investors to the project compared to the relative absence of new inflows into Bitcoin.
In the past 24 hours, BTC had lost around 4% of its value while being rejected at local resistance. No sign of a major reversal for digital gold is shown.
Ethereum “Merge” rally
The majority of analysts believe that Ether’s rally is mostly based on the Merge update date disclosure, which is one of the biggest events to happen for Ethereum since implementation of the burning mechanism.
Industry experts believe that Ethereum’s PoW switch will attract more venture capital to network-related projects and push for further adoption of decentralized technology in real-world projects.
