Good news if you have crypto: Here’s why and how Ethereum drives Bitcoin to a bullish breakout

Ethereum outperformed Bitcoin in the recent market rally.

Key takeaways

Bitcoin appears to be catching up with Ethereum after bullish price action crypto number two in the last three days. While ETH has outperformed BTC, the number one crypto seems to be on the verge of a breakthrough.

Ethereum takes the lead

Ethereum is leading the cryptocurrency market after breaking through a crucial support zone. Also read: Terra Luna Crypto Review: LUNA has risen over 36% in the last 5 days, hitting $ 65.

The world’s second largest cryptocurrency by market value reached the $ 1,350 level over the weekend and has since recovered to almost $ 1,500. Improving the mood around the upcoming Ethereum “merger” for Proof-of-Stake is one of the likely factors behind ETH’s recent rally. Last week, Ethereum Foundation Fellow Tim Beiko proposed a tentative launch date on September 19, 2022 for blockchain’s crucial Proof-of-Stake update during the latest Consensus Layer Call, hours before the blockchain was released. ‘ETH is starting to recover.

As speculation intensified, the ETH closed in a four-hour light above the $ 1,300 resistance level on July 16 and has since risen above 16%. The formation of a rising triangle on its four-hour chart predicts a target of $ 1,700 in the near future. However, ETH must first break the $ 1,500 supply wall.

Bitcoin appears to be following Ethereum’s path, with the largest cryptocurrency rising above 8% on Monday. It is currently testing the X-axis of a rising triangle that has evolved on its four-hour chart. A decisive close above this crucial resistance zone could trigger a 22% upward movement towards $ 27,500. This bullish view stems from adding the height of the Y-axis of the triangle to the breakout point.

Although the odds seem to favor the bulls, a break from vital support levels may signal an invalidation of the bullish thesis. The ETH must maintain the $ 1,400 level in support of a $ 1,300 decline. Similarly, if the BTC experiences a rejection of $ 22,600, it may experience a correction to $ 21,400.

The ECB says a ban on bitcoins is “likely” due to climate problems.

A new report from the European Central Bank questions the consideration of climate risk in cryptocurrencies such as bitcoin. This may interest you: Is the Cardano prize draw planning anything big?. ECB condemns Proof-of-Work blockchains The European Central Bank opposes …

Bitcoin and Ethereum are ready for potential rebound

Bitcoin and Ethereum appear to be trading in oversold territory after suffering losses of more than 10% over the past three days. On the same topic: BTC price analysis: Bitcoin Hashrate goes down after fresh ATH as the price continues its fight. Bitcoin and Ethereum present Bitcoin and Ethereum buy signals …

Ethereum jumps 12% as the merger approaches

This rally comes two days after Tim Beiko proposed a tentative launch date on Sept. 19 for Ethereum’s long-awaited merger with Proof-of-Stake. Ethereum rises amid fusion hype Ethereum is on its way out. …

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Thomas Estimbre
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