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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Ethereum Carries Bitcoin Price Up, Will “The Merge” Live to Expectations?

Reynaldo Marquez
Reynaldo Marquez
3 years ago
3 mins read
Bitcoin Price Ethereum Vitalik Buterin

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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 “Bellatrix” upgrade, the final step before “The Merge”, and the price of Ethereum is blazing through local resistance.

Related Reading: Ethereum Classic (ETC) Produces A Godlike Candle, How Far Can It Go?

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.

Ethereum Bitcoin Price ETHUSDT
BTC’s price moving sideways on the 4-hour chart. Source: BTCUSDT Tradingview

Ethereum Could Breakout Of This Range While The Bitcoin Price Lags

“The Merge” 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.

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 “flip” Bitcoin in terms of market capitalization.

Of course, “The Merge” poses many questions for investors as they wonder if this will operate as a “buy the rumor, sell the news” event. The pseudonym trader said:

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’ll 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?

Bitcoin Price
ETH/BTC trading pair pushing into resistance. Source: DonAlt via Twitter

Can Ethereum Flip Bitcoin?

Trading desk QCP Capital might provide some clues into some of these questions. In a recent report, the firm claims Ethereum price has been correcting after reaching oversold levels in the aftermath of the Three Arrows Capital (3AC) liquidations.

Therefore, a lot of the move upward might be the price bouncing back as selling pressure faded and less related to “The Merge”. There are two potential bullish factors associated with “The Merge”: the transition will reduce ETH supply issuance while increasing its burning rate.

While the former is “looking bullish”, QCP claims, the latter is trending to the downside. In other words, the supply is being burned at a slower rate heading into “The Merge”. QCP Capital added:

This doesn’t 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.

Bitcoin Price Ethereum ETH ETHUSDT
Source: QCP Capital

As “The Merge” approaches, the trading firm will look into Ethereum price mimicking the Bitcoin price “halving” effect. This could provide ETH’s price performance with further support to reclaim its previously lost territory and continue to push the sector up with it, including the Bitcoin price.

Related Reading: MANA Seen Rising 11% As Buyers Make A Recovery Attempt

Check out our YouTube channel for more analysis on the market, price forecasts, strategies, and much more.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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