Ethereum Price Explodes, Hits 2-Month High Against Bitcoin: Is the Rally Sustainable?
The rally pushed ETH price towards strong resistance levels, increasing its downside risks against Bitcoin.
Ethereum's native Ether (ETH) token managed to avoid a bearish technical setup to hit a two-month high against Bitcoin (BTC).
ETH Price Bearish Flag Invalidated
The ETH/BTC pair invalidated its 'bearish flag' pattern after Ethereum developers announced on July 14 that their long-awaited move to proof-of-stake (known as the merge) will most likely take place in September .
ETH/BTC has rebounded over 22% since the announcement, hitting 0.067, its highest level since May 25. of 0.049.
ETH/BTC daily price chart. Source: TradingViewStrong fundamentals led by the launch of Merge could cause ETH/BTC to continue rising towards the 0.072-0.076 area. This range was instrumental as resistance in January and March-May. Therefore, it should serve as the next upside target for Ether bulls.
But there is a catch. Notably, ETH/BTC has shown signs of weakening bullish momentum near what appears to be a strong confluence of resistance.
This includes...
The rally pushed ETH price towards strong resistance levels, increasing its downside risks against Bitcoin.
Ethereum's native Ether (ETH) token managed to avoid a bearish technical setup to hit a two-month high against Bitcoin (BTC).
ETH Price Bearish Flag Invalidated
The ETH/BTC pair invalidated its 'bearish flag' pattern after Ethereum developers announced on July 14 that their long-awaited move to proof-of-stake (known as the merge) will most likely take place in September .
ETH/BTC has rebounded over 22% since the announcement, hitting 0.067, its highest level since May 25. of 0.049.
ETH/BTC daily price chart. Source: TradingViewStrong fundamentals led by the launch of Merge could cause ETH/BTC to continue rising towards the 0.072-0.076 area. This range was instrumental as resistance in January and March-May. Therefore, it should serve as the next upside target for Ether bulls.
But there is a catch. Notably, ETH/BTC has shown signs of weakening bullish momentum near what appears to be a strong confluence of resistance.
This includes...
What's Your Reaction?
