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.
ETH/BTC👀 pic.twitter.com/Q03UPMlVMP— Will Clemente (@WClementeIII) July 18, 2022
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.
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.