Unlike normal market conditions in cryptocurrencies, the last few weeks saw Ethereum dominating Bitcoin in market share. Thanks to the hype around Ethereum Merge, Bitcoin’s share of crypto market dropped. With the Merge just around the corner, Bitcoin maximalists would hope for a quick turnaround as the Ethereum upgrade would pass through. Meanwhile, it remains to be seen as to how Ethereum price would react post the upgrade.
Bitcoin price recovery after the Merge?
In this context, technical indicators appear to show increased trading activity in Bitcoin in past few days. For as long as two months, ETH trading overshadowed BTC in terms of the market share. Blockchain experts warned that there could be small issues although chances that it would be a successful upgrade are really high.
According to Crypto Quant analysis, Bitcoin’s share of trading volume has recently regained top position when compared with that of Ethereum. There are also some early signs which are suggesting a shift on which cryptocurrency is leading. After the Ethereum upgrade is done around September 15, the narrative will mostly likely fade out.
Ethereum price analysis
Ethereumgained pace above $1,720 and even cleared the $1,750 level, but there was no test of the $1,800 resistance zone. A high was formed near $1,788 before the price started a downside correction, but the bulls remained strong. ETH is now rising and trading near $1,720 and the 100 hourly simple moving average.
On the upside, there is a key bullish flag pattern forming with resistance near $1,730 on the hourly chart of ETH/USD. The next major resistance is near the $1,750 level.
Source: ETHUSD on TradingView.com
If Ethereum fails to rise above the $1,750 resistance, it could start a downside correction. An initial support on the downside is near the $1,680 zone.
Hourly MACD–gaining momentum in the bullish zone
Hourly RSI –above the 50 level
Major Support Level – $1,680
Major Resistance Level – $1,750
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