Bullish Weekend! It appears like the bulls are gradually crawling into the market as the majority of the cryptocurrencies like Bitcoin, Ethereum, Cardano, Ethereum Classic, and others have reclaimed their lost key levels.
Of these, the second largest cryptocurrency, Ethereum, has shown its price behavior very well, while most of the currencies are still striving for growth. The price of Ethereum registered an increase of more than 70% since the fall of 2022.
Meanwhile, until the overall crypto market steps into the recovery phase, Ethereum cannot hit the all-time high against USDT. However, when ETH/BTC is considered, Ethereum is just one coin behind to see itself attaining the highest level.
Currently, ETH/BTC is selling with a loss of 2.3% at 0.082, following the rise in the price of Bitcoin. It is due to the upcoming merge to make such a huge profit for the currency that has drawn the attention of market participants to Ethereum.
The Ethereum price surge against Bitcoin is supported by Bitcoin’s market dominance because, in the current economic climate, BTC doesn’t offer any benefits that would compel investors to send money to Bitcoin.
On the other hand, when looking at Ethereum against the US Dollar, Ether has made huge gains, and with the merger just around the corner, Ethereum has reclaimed its key resistance level of $1,700.
On the other hand, in the last three months, Ethereum has also moved beyond its 50-day moving average. However, once ETH hits $2,000 the currency is expected to come across and this might fuel selling pressure pulling down the currency.
Meanwhile, the CEO of the BitMEX exchange, Alexander Hoptner, is of the opinion that the current market situation is not marked for a bear market, rather it is just a general correction. Furthermore, he claims that Ethereum has a strong community base and can even surpass Bitcoin.
