With the Ethereum Merge upcoming within two weeks, the popularity of ETHBTC among traders is growing. The second largest crypto will once again challenge BTC for market dominance. The upgrade will transfer ETH from proof-of-work consensus to proof-of-stake (PoS), which is more energy efficient and allows everybody to earn interest on their holdings.
Bitcoin maximalists point out that PoS currencies are not decentralized, and it will be easy for a dominant holder to take control of the network. It hasn’t happened with other significant PoS projects. We will learn the benefits and risks of merger time. The date for the mainnet upgrade is August 15.
With SimpleFX, you can trade ETHBTC with 10x effective leverage. We can observe an increased activity on ETHBTC with high volumes. Ethereum’s price has gone up 6.6% against bitcoin in just 20 hours.
There are some strong fundamentals behind ETH. Besides staking and falling transaction costs, new smart contract implementations may arrive with the merger.
Some strategists expect ETHUSD to pull up over $2,000. Currently, it’s trading below $1,600, and there are primary resistance levels on the path, including $1,750. As for ETHBTC, analysts expect the pair to hold the 0.071 support and soon climb even to 0.1 BTC.
Analysts identify significant resistance to Ethereum’s uptrend between the $1,750 and $2,000 level.
If you haven’t traded ETHBTC before, now is the best time to try it. Over the last four months, we are going to witness a fierce battle between the world’s largest cryptocurrencies for the first place. The market capitalization is broad. All bitcoins are worth $392 billion, while all ethereum is less than 50% of that. We have seen big market moves before.