Ethereum’s value against bitcoin has risen to its highest level in three years, overtaking significant resistance at 0.08 bitcoin. The crypto has risen in a bull run since the 31st of March. Up from 0.031 bitcoin at that time to 0.0813 at the time of writing.
This rise follows a nearly year long sideway in eth’s value against bitcoin after it dropped from the all time high of 0.157 on the 12th of June 2017. It reached a low of about 0.015 in September 2019, with it ranging there to 0.02 until the proper takeoff that most clearly began in April 2021.
The April rise began with the news the ethereum 2.0 merger devent had completed successfully, something that sent eth to one of its biggest bull run. Combined with EIP1559 planned for July, ethereum’s value against bitcoin started re-adjusting with eth gaining considerably.
At near 0.08 btc there was some resistance with eth falling, but now that it is taken, this may go off to 0.085 and then potentially higher. 0.1 bitcoin of course would be very considerable resistance, and then the biggest resistance of them all would be near 0.17 bitcoin as at that point eth flips bitcoin in market cap.
That flippening narration is being whispered now once again especially as bitcoin critics try the environmental angle to attack the crypto. Eth plans to Proof of Stake, so making it environmentally friendly as it would be using effectively no energy at all. Something that could potentially make eth a preferred currency.
Bitcoin in addition has been sidewaying or even falling, now at just above $50,000. So a lot of bitcoin’s value must have gone to eth. At some point bitcoin will probably have an angry bull run of its own, but it is the ethereum show for now and it has been for weeks.