Ethereum price rises by 50% against Bitcoin in one month — but there’s a catch

As the ecstasy surrounding “the Merge”, Ethereums upcoming network upgrade, Ether (ETH) continues to grow, Ether (ETH) has been in a steady uptrend versus Bitcoin.

ETH and BTC at multi-month highs

ETH/BTC rose approximately 0.075 intraday on Aug. 6 after a 1.5% upward move. The sets gains belonged to a wider rebound pattern that started a month back at 0.49 and has actually since seen around 50% gains.

Daily rate chart for ETH/BTC Source: TradingView

Merge will see Ethereum move from proof-of work (PoW), mining, to proof-of stake (PoS) and the ETH/BTC healing has been partially realized

Ethereums “increasing wedge”, recommends a sell-off

Rising wedges can be considered bearish reversal patterns. They occur when the cost pattern higher within a range specified as 2 increasing, converging trendslines. They usually deal with when the cost falls below the lower trendline, which is the optimum height of the structure.

ETH/BTC daily chart with “rising wedge” breakdown setup. Source: TradingView

Bearish divergence risks are even more increased by a falling volume and relative strength indication (RSI), against a rising ETH/BTC. This includes weight to the wedges bearish setup for an target of 0.064 BTC or down 11% from its existing rate.

Technically speaking, Ether is worried about prospective interim losses. ETH/BTC presents a persuading rising wedge.

Ether is more powerful than the dollar

Technicals reveal a brighter outlook for Ethereum relative to the U.S. Dollar. A timeless bullish turnaround pattern makes it possible for ETH/USD to breakout 10% in August.

Related: Multiple barriers avoid mainstream adoption of decentralized financing

Four-hour chart of ETH/USD with “double bottom” breakout setup. Source: TradingView

ETH could increase to $1,940 in august, a boost of 10% over todays price.

On a 4-hour chart, the ETH/USD appears to have formed what appears like a “double top.” This pattern appears like the letter W since it has 2 successive lows, followed by a modification of direction from downtrend towards uptrend.

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A double bottom pattern is formed when the cost breaks through its common resistance level. It then increases as far as the range between the resistance and the first bottom.

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Jeannine Cruz– Earnings I am known as Jeannine Cruz, I am a writer and an industrialist by profession. My age is 32 years. My aim is to gather the attention of the targeted audience without being boring and unexciting. I like to utilize the free time in writing my views and thoughts for my book lovers or readers. My most preferred articles are usually about finance and business; however, I have written various topics in my articles. I do not have a specific genre. I get very creative when I have to express myself, I often sing, write or draw to portray my feelings. When it comes to my free time or you can say ‘ME-TIME’, I love to play with my cat, sleep an extra hour, or play my favorite video games.

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