Ether ETH could rise by almost 40 against Bitcoin BTC in the coming trading sessions, according to one analyst. So believes Michaël van de Poppe, an Amsterdambased market analyst who predicts that the ETHBTC exchange rate will climb from its current 0.050.06 BTC range to as high as 0.07 BTC soon.
The technical chartist based his bullish analogy on the pairs support level at 0.063 BTC. The price floor was instrumental in maintaining ETHBTCs bullish bias during the midMay 2021 notorious crypto market crash. It also served as solid support during the pairs uptrend in the early May 2020 trading session.
The bullish analogy appeared right as ETHBTC stretched its price rebound, from its June 27 low of 0.0552 BTC, by 21.28. It showed that more traders preferred to sell their Bitcoin holdings to seek opportunities in the Ether market in recent days. On a yeartodate timeframe, the secondlargest cryptocurrency had already surged by more than 160 against Bitcoin.
The transition took cues from the euphoria surrounding Ethereums planned consensus layer transition from its energyintensive proofofwork PoW to a more scalable and cheaper proofofstake PoS. The project launched the first phase, called Phase 0 or Beacon Chain, in December 2020. It introduced a socalled sharded network architecture to the Ethereum blockchain
The next phase that brings Ethereum closer to PoS is the Ethereum improvement Proposal 1559, also known as the London hard fork. The upgrade proposes to replace…