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    Blocktoq»Crypto News»The upward trend of Ethereum may end the downtrend of Bitcoin
    Crypto News

    The upward trend of Ethereum may end the downtrend of Bitcoin

    KonradBy Konrad23 April 2020Updated:15 March 2021No Comments2 Mins Read
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    Восходящий тренд Ethereum может закончить нисходящий тренд биткоина|Восходящий тренд ethereum предотвратит ещё одно падение биткоина|цена на биткоина растет на графике
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    Bitcoin’s price is falling, but can the upcoming halving and the stubborn growth trend of Ethereum prevent this?

    In short:

    • Ethereum is bitcoin’s hope
    • Differences and similarities
    • Great hopes for Ethereum 

    Ethereum is bitcoin’s hope

    Ethereum (ETH) has seen increased activity recently and its price has increased by 115% since 13 March, this may be due to the upcoming premiere of Ethereum 2.0 about which we wrote in an article of 20 April (Will Ethereum 2.0 revolutionize the crypto market?). These factors may have a positive impact on Bitcoin (BTC) value. 

    Differences and similarities

    Bitcoin value (BTC) is characterized by a bearish structure that has much lower ups and much more serious downs. Ethereum (ETH), on the other hand, has many higher-ups and less serious falls. 

    Upward trend of ethremwill prevent bitcoin another dip

    6-month Ethereum chart (ETH/USD). Source: TradingView

    Altcoin, who is leading the way, has high peaks because the daily candle has closed significantly higher than in early February. Investors in cryptocurrency believe that Ether upward trend can support the entire crypto market and prevent another dip in Bitcoin. At the same time as Ethereum was going up, Bitcoin’s price increased steadily by 4% in 24 hours, despite the fact that BTC is reaching lower highs than ETH. According to analysts, crypto:

    “Ether has a positive effect on Bitcoin’s short-term prices.”

    bitcoin chart price going up because ethereum

    A 6-month Bitcoin chart (BTC/USD). Source: TradingView

    Great hopes for Ethereum 

    According to a crypto merchant known on twitter as Chase NL, Ether’s strong rush can prevent Bitcoin from falling sharply. He noticed on one of his tweets, the possibility of one of two scenarios. ETH will go so far up that BTC will go back to its prime or Bitcoin’s inability to grow and thus drop ETH. 

    Crucial moment here for $BTC and $ETH.

    Can ETH rally hard enough to bring BTC back above the yearly open? Or will BTC's sluggishness and inability to close above the yearly open bring ETH back downwards?

    This will set my "bias" for the coming days/week most likely.

    — Chase_NL (@Chase_NL) April 22, 2020

    We will soon find out whether investors waiting for Ethereum 2.0 prevent Bitcoin from falling in the short term. However, traders warn that another dip in price and correction of Bitcoin may come anyway.

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