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Ethereum Needs Only 20% to Return Back to ATH Numbers, But There's Catch

Tue, 07/19/2022 - 12:05
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Arman Shirinyan
If Ethereum spikes by another 20% against Bitcoin, we will see official return to ATH
Ethereum Needs Only 20% to Return Back to ATH Numbers, But There's Catch
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Ethereum's 20% price increase would put the second biggest cryptocurrency on the market back 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 only three days, Ethereum reached the price of 0.07 BTC per coin while previously trading around 0.05 BTC. Back in November, the market saw Ethereum at almost 0.1 BTC as the NFT and DeFi industry blossoming caused a massive dominance rally for the second biggest cryptocurrency on 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.

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In the last 24 hours, BTC had lost around 4% of its value while being rejected on the local resistance level. No signs of a major reversal for the digital gold are being 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 VC capital to projects related to the network and push for the further adoption of the decentralized technology in real-world projects.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.