Ahead of Merge update, Ethereum is showing strength on market and even reaching ATH zone against Bitcoin
performance The second-largest cryptocurrency in the market has exceeded market expectations as most digital assets gradually lost their value during August and September, while Ether has gained over 70% of its value since its 2022 bottoms.
Obviously, the all-time high against the U.S. dollar will not be reached until the whole market enters recovery mode, but in case of an ETH/BTC pair, Buterin’s coin needs only one more price spike to break the highest level the market saw previously.
ETH/BTC is currently trading at 0.082 and is losing around 2.3% of its value after BTC consolidated. Such a rapid increase in value is clearly linked to the merge update that draws market attention to Ethereum and urges investors to provide additional flows to the ecosystem.
The dominance of Bitcoin on the market acts as the foundation of Ethereum’s rally against Bitcoin as the first cryptocurrency does not provide any value that would make investors send their funds toward it in current market conditions.
USD. Ether performance against
Despite Ether’s success against Bitcoin, it has a lot to gain on the USD pair. As the merger draws closer, the value of Ethereum is rising as the second largest cryptocurrency in the market breaks the key psychological resistance level at $1,700.
ETH also broke the 50-day moving average for the second time in the last three months. Unfortunately, it will face multiple resistances prior to reaching the $2,000 resistance level, which is not helping the asset that will most likely face a spike in selling pressure after the fundamental update commences.
