The Bitcoin price has been stuck below $20,000 as Ethereum and other altcoins take over the price action and push the sector upwards. Ethereum just deployed the \u201cBellatrix\u201d upgrade, the final step before \u201cThe Merge\u201d, and the price of Ethereum is blazing through local resistance.<\/p>\n
At the time of writing, Bitcoin price trades at $19,900 with sideways movement across the last 24 hours and 7 days respectively. In the meantime, the Ethereum price trades at $1,670 with a 7% and 8% profit over the same time periods, respectively.<\/p>\n
BTC\u2019s price moving sideways on the 4-hour chart. Source: BTCUSDT Tradingview<\/a> \u201cThe Merge\u201d will migrate the Ethereum network from a Proof-of-Work (PoW) consensus to a Proof-of-Stake (PoS) consensus. This event has caused a lot of hype across the crypto markets, as some investors believe Ethereum will see more improvements and will enter a new era of adoption.<\/p>\n As seen in the chart below, a pseudonym trader outlines Ethereum price current range and its attempt to break out of overhead resistance. If Ethereum validates this bullish move, the cryptocurrency might achieve another milestone and \u201cflip\u201d Bitcoin in terms of market capitalization.<\/p>\n Of course, \u201cThe Merge\u201d poses many questions for investors as they wonder if this will operate as a \u201cbuy the rumor, sell the news\u201d event. The pseudonym trader said<\/a>:<\/p>\n ETH attempting to break out of a range. The last time it did so it doubled relative to BTC If it doubles again relative to BTC it\u2019ll flip it. Will Bitcoiners let it happen? Or will they mercilessly pump BTC to stop the ratio from getting worse? Or will it all dump for a reset?<\/p>\n ETH\/BTC trading pair pushing into resistance. Source: DonAlt via Twitter Trading desk QCP Capital might provide some clues into some of these questions. In a recent report<\/a>, the firm claims Ethereum price has been correcting after reaching oversold levels in the aftermath of the Three Arrows Capital (3AC) liquidations.<\/p>\n Therefore, a lot of the move upward might be the price bouncing back as selling pressure faded and less related to \u201cThe Merge\u201d. There are two potential bullish factors associated with \u201cThe Merge\u201d: the transition will reduce ETH supply issuance while increasing its burning rate.<\/p>\n While the former is \u201clooking bullish\u201d, QCP claims, the latter is trending to the downside. In other words, the supply is being burned at a slower rate heading into \u201cThe Merge\u201d. QCP Capital added:<\/p>\n This doesn\u2019t change our view on the long-term viability of ETH, and its consequent bullish impact on price. We think ETH will be THE asset of the decade. However, it does change the short-to-medium-term price dynamics, and how much of the event is already priced in.<\/p>\n Source: QCP Capital<\/p>\n As \u201cThe Merge\u201d approaches, the trading firm will look into Ethereum price mimicking the Bitcoin price \u201chalving\u201d effect. This could provide ETH\u2019s price performance with further support to reclaim its previously lost territory and continue to push the sector up with it, including the Bitcoin price.<\/p>\n Check out our YouTube channel for more analysis on the market, price forecasts, strategies, and much more.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n The Bitcoin price has been stuck below $20,000 as Ethereum and other altcoins take over the price action and push the sector upwards. Ethereum just deployed the \u201cBellatrix\u201d upgrade, the final step before \u201cThe Merge\u201d, and the price of Ethereum is blazing through local resistance.<\/p>\n At the time of writing, Bitcoin price trades at $19,900 with sideways movement across the last 24 hours and 7 days respectively. In the meantime, the Ethereum price trades at $1,670 with a 7% and 8% profit over the same time periods, respectively.<\/p>\n BTC\u2019s price moving sideways on the 4-hour chart. Source: BTCUSDT Tradingview<\/a> \u201cThe Merge\u201d will migrate the Ethereum network from a Proof-of-Work (PoW) consensus to a Proof-of-Stake (PoS) consensus. This event has caused a lot of hype across the crypto markets, as some investors believe Ethereum will see more improvements and will enter a new era of adoption.<\/p>\n As seen in the chart below, a pseudonym trader outlines Ethereum price current range and its attempt to break out of overhead resistance. If Ethereum validates this bullish move, the cryptocurrency might achieve another milestone and \u201cflip\u201d Bitcoin in terms of market capitalization.<\/p>\n Of course, \u201cThe Merge\u201d poses many questions for investors as they wonder if this will operate as a \u201cbuy the rumor, sell the news\u201d event. The pseudonym trader said<\/a>:<\/p>\n ETH attempting to break out of a range. The last time it did so it doubled relative to BTC If it doubles again relative to BTC it\u2019ll flip it. Will Bitcoiners let it happen? Or will they mercilessly pump BTC to stop the ratio from getting worse? Or will it all dump for a reset?<\/p>\n ETH\/BTC trading pair pushing into resistance. Source: DonAlt via Twitter
\nEthereum Could Breakout Of This Range While The Bitcoin Price Lags<\/p>\n
\nCan Ethereum Flip Bitcoin?<\/p>\n
\nEthereum Could Breakout Of This Range While The Bitcoin Price Lags<\/p>\n
\nCan Ethereum Flip Bitcoin?<\/p>\n