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.
Among these, the second largest cryptocurrency, Ethereum has showcased its price action extremely well while most of the currencies were still striving for a rise. Ethereum’s price registered more than 70% gains from its 2022 plunge.
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.
At the moment, ETH/BTC is selling at 0.082 with a loss of 2.3% after Bitcoin regained its price surge. For the currency to attain such a huge gain is due to the upcoming Merge that has grabbed the market participants’ attention 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 a huge gain to make, and with Merge just around the corner, Ethereum has reclaimed its crucial 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, BitMEX exchange CEO, Alexander Hoptner is of the opinion the current situation in the market doesn’t mark for a bear market instead it’s just a usual correction. Furthermore, he claims that Ethereum has a strong community base and might even surpass Bitcoin.