Is the Ethereum rally enough to stop the current bearish trend in Bitcoin?
These days, the price of bitcoin continues to ‘flicker’ at bearish signals. Is the rise of Ethereum enough to stop the current trend of Bitcoin?
Ethereum Price The past few days have remained well above $ 180 and are on track to try higher levels.
The increased activity on the Ethereum blockchain and the launch of Ethereum 2.0 is approaching, which seems to be driving the ETH price back up and these factors could be beneficial for the upcoming Bitcoin price action.
In contrast to Ethereum, Bitcoin Prices are performing weakly, daily BTC closed at a relatively low level compared to the beginning of this month.
Ethereum recorded a positive correction
This top altcoin continues to retire at a higher level, the latest daily candle closing significantly higher than early February.
Crypto traders discussed on twitter that the current Ethereum price increase could support the recovery momentum across the market.
And it can also dispel the current dark trend of bitcoin.
But that is only the opinion of investors, due to the fact that the volatility of the price of bitcoin is also affected by many other factors.
"Don't try to guess the direction of bitcoin, it will only take you more time," commented one investor.
On the positive side, however, if Ethereum can really maintain its uptrend in the near future, it is also likely to drag bitcoin.
One of the long-awaited events is likely to boost upward market momentum later Bitcoin Split is Ethereum 2.0 also approaching (scheduled for July).
Hopefully Ethereum will survive Bitcoin
According to cryptocurrency trader Chase NL, the psychology surrounding the market today is that Ethereum is having a positive influence on Bitcoin’s short-term price cycle.
Chase NL said the long decline of Bitcoin could cause Ether to collapse to test lower support levels or the strong growth momentum of Ethereum could prevent a sharp decline for Bitcoin.
Hoping for the stability of Ethereum, cryptocurrency investor and founder of HorizonCoin said:
"Ethereum is the second largest altcoin on the market, so its influence is not inferior to bitcoin. And this cryptocurrency is fully capable of reversing the bitcoin race."
Crypto analyst Scott Melker similarly said he still holds Ethereum’s strong outlook for the long term, recognizing that a positive ETH move will help the market to thrive.
There are many factors that support the rise of Ethereum
Although Ethereum is no longer the exclusive platform of stablecoins, most major stablecoins now rely on the Ethereum blockchain.
Crypto researcher Ryan Watkins said:
"Stablecoins now provides 80% of the daily transfer amount to the Ethereum network."
Thus showing the need for stablecoinThe Ethereum base is still high.
Will the dramatic improvement in Ethereum network activity and Ethereum 2.0 prediction be enough to prevent the “dark black cloud” from the market in the short term?
Some traders warn that violating the BTC trend is likely to lead to a major correction in the entire market.
