Ethereum's (CRYPTO: ETH) three-day price rally has pushed the cryptocurrency’s price past $1,500 and seen it reach a two-month high against Bitcoin (CRYPTO: BTC).
What Happened: The ETH/BTC trading pair rallied by more than 30% over the last few days, as per data from Benzinga Pro.
Many believe the rally was brought about by Ethereum developer’s floating a tentative date for the Merge, an event marking the blockchain’s much anticipated transition to Proof-of-Stake.
On Monday, the ETH/BTC pair briefly touched 0.088 before dropping back down to 0.069. Even at this level, the pair appears to have made back three months of downside in three days.
Analysts on Twitter (NYSE:TWTR) weighed in on ETH’s breakout against BTC, sharing opinions of whether the rally would remain sustainable in the weeks to come.
There's something really really brutal and violent about $ETHBTC moving +30% in less than a week.Portfolio rotation + narrative adjusting has drawn blood from institutional investors and now they're sitting at the edge of their seats wondering if they should push or not...
— Zaheer (@SplitCapital) July 18, 2022
$ETH clearly outperforming due to the merge being 2-3 months away. Looks like the capitulation occurred right in time for it. Flushed out all the leverage and now Ethereum is free to run higher.— Bitcoin Macro (@BitcoinMacro21) July 18, 2022
$ETHBTC: This is a weird chart; super strong in the short term but I'm guessing this rally will be unsustainable. Really conflicting thoughts for this being 'the bottom'; lots of FA factors coming in w. merge. Maybe .075 is next up if this area gets cleared. $ETH #Ethereum pic.twitter.com/UyjsidVuP4— Altcoin Sherpa (@AltcoinSherpa) July 18, 2022
$BTC DOMSee Also: Ethereum Outshines Bitcoin, Dogecoin In Crypto Surge: Is Second-Largest Coin On A 'Hopium' Trip?Still ranging, I could see this time a retest the ATL & then a move down$ETHBTC$ETH coming back with strength, and I would not be surprised if it breaks out from this channel by the upside.
Watching $BTC will not longer tell you where the #crypto market is going pic.twitter.com/EsTGHq8OL0
— CryptoFIBO 2.0 (@CryptoFIBO2) July 18, 2022
Price Action: At press time, ETH was trading at $1,517, up 8% over the last 24 hours. BTC was trading at $21,843, gaining 2.75% over the same period.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.