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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Will The Ethereum Merge Drive The BTC Ratio To New ATHs?

Reynaldo Marquez
Reynaldo Marquez
2 years ago
2 mins read
Ethereum price eth ethusdt

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Ethereum has been met with strong resistance at its current levels and might potentially re-test support. The cryptocurrency still preserves some of its profit from the past weeks but has been losing momentum over today’s trading session.

Related Reading: TA- Price Of Ethereum Faces Rejection At $2,000: Are bulls Still In Control?

At the time of writing, Ethereum trades at $1,860 with a 2% loss and 5% profit over the last 24 hours and 7 days, respectively. ETH’s price was pushing the sector’s bullish momentum on the back of the narrative around the upcoming “Merge” event, as it will complete Ethereum migration to a Proof-of-Stake consensus.

Ethereum ETH ETHUSDT
ETH’s price moving sideways on the 4-hour chart. Source: ETHUSDT Tradingview

However, the second crypto by market cap has been lagging meme coins, such as Dogecoin and Shiba Inu. These cryptocurrencies record a 20% and 30% rally, respectively, and seem poised for further gains before returning to previous support levels.

Ethereum has seen losses at technical resistance levels, and other assets contribute to the downside price action in the crypto industry. According to analyst Justin Bennett, the S&P 500 is approaching the top of a major channel that might operate as critical resistance.

Ethereum and digital assets have been moving in tandem with equities. Therefore, the price action of major indexes in the legacy financial system has been exercising an influence on cryptocurrencies’ price action.

As seen below, the S&P 500 recorded some gains after bouncing off support at the bottom of the channel and now seems on track to re-test those levels as it has done over the past few months. Bennett told his followers: “This is not where you want to get bullish”.

Ethereum ETH ETHUSDT 1
S&P 500 Index coming into critical resistance at the top of a channel form in late July 2022 on the 4-hour chart. Source: Justin Bennett

In addition, Bennett pointed out that the U.S. dollar (as measured by the DXY Index) has been reclaiming major support and could potentially reclaim previously lost territory. The latter might translate into further losses for risk-on assets, like Ethereum.

As cryptocurrencies move in tandem with stocks, they have negatively reacted to upside momentum in the U.S. dollar. The analyst added:

I was “cautiously” bullish in the “short term” last week. Bearish patterns have since developed, and the $DXY reclaimed significant support on Monday.

Ethereum At Critical Levels, Will History Repeat?

Furthermore, a new report from research firm Arcane Research acknowledges the importance of “The Merge”. This has pushed ETH to its 2022 highs when compared to Bitcoin (BTC) for the ETHBTC trading pair.

“The Merge” hype and narrative pushed ETH to peaked at 0.0881 BTC, last week. These levels represent another major line of resistance for the cryptocurrency as it approaches the 2021 high at 0.0886. Arcane Research noted the following on the importance of these levels:

Ethereum has only traded at higher levels compared to BTC for 196 days since May 2016, or 8.62% of all days since May 2016. Since Jan 1st 2021, ETH has only closed at higher levels than today’s 39 times, or 6.59% of all days (…).

Related Reading: Outflows Rock Bitcoin As Institutional Investor Sentiment Starts To Turn

In that sense, ETH’s price bullish momentum might not be “sustainable”, as Arcane Research noted. However, the research firm didn’t rule out “The Merge” potential to drive ETH into price discovery on the ETHBTC pair.

Ethereum ETH ETHUSDT 1 AR
ETH reaches 2021 highs on ETHBTC trading pair. Source: Arcane Research
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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

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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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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