Ethereum price can gain 40% on Bitcoin, argues analyst as London fork nears

[RSRS]

Ether (ETH) could rise by almost 40% against Bitcoin in the coming trading sessions, according to one analyst.

So believes Michaël van de Poppe, an Amsterdam-based market analyst who predicts that the ETH/BTC exchange rate would climb from its current 0.05-0.06 sats range to as high as 0.07 sats soon.

The technical chartist based his bullish analogy on the pair's support level at 0.063 sats. The price floor was instrumental in maintaining ETH/BTC's bullish bias during the mid-May 2021's notorious crypto market crash. It also served as solid support during the pair's uptrend in the early May 2020's trading session.

"Ethereum is continuing the run against the Bitcoin pair," said Van de Poppe.

"A beautiful flip of the 0.063 regions and crawling upwards at this stage. As long as 0.063 holds, I'm expecting continuation to 0.075."

Ethereum trade setup presented by Michaël van de Poppe. Source: TradingView.com
What the Fork
The bullish analogy appeared right as ETH/BTC stretched its price rebound, from its June 27 low of 0.0552 sats, by 21.28%. It showed that more traders preferred to sell their Bitcoin holdings to seek opportunities in the Ethereum market in recent days. On a year-to-date timeframe, the second-largest cryptocurrency had already surged by more than 160% against Bitcoin.

The transition took cues from the euphoria surrounding Ethereum's consensus layer's transition from its previous, energy-intensive proof-of-work to a more scalable and cheaper proof-of-stake. The project launched the first phase, called Phase 0 or Beacon Chain, in December 2020. It introduced a so-called sharded network architecture to the Ethereum blockchain.

Sharding is a scaling technique that segments the Ethereum network into various groups (called shards). It then assigns nodes to each shard. These nodes have to monitor and validate their respective shards, thereby removing the need for each node to validate every transaction, which is the case in the current proof-of-work consensus.

Sourch

[Senin]

Let's hope it will. I have a certain amount of ethereum and am interested in the successful renewal of this network and the growth of prospects, as well as the price of ethereum. So far, we can observe a not very large price growth of this coin. Perhaps when the London hard fork is activated from the mainnet after July 14, such an increase should occur. I also hope that the rise in the price of ethereum in the near future will be larger than the price rise in Bitcoin.