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Ethereum Prints Pivotal Reversal Against BTC During ETH2 Rollout

11/07/2020

Ethereum prints pivotal reversal sign against Bitcoin as it underperformed it during the latest move over $16,000. In fact, most of the rally from $13,000 to $16,000 made ETH trade for $380 to $400 and fell to break higher as well so let’s read more in today’s Ethereum news.

After BTC started consolidating, ETH finally started to break higher. ETH currently trades for $440 which is an increase of 10% in the past 24hours alone. Analysts see this reversal as notable because of the fact that it comes at an important support level for the ETH/BTC trading pair. As noted by the prominent crypto-asset analyst during the move upwards, ETH/BTC’s bounce came at the pivotal level. the charts show that the bounce allowed ETH to maintain a level of macro importance against BTC which held during the late 2017 correction, along with the other corrections in the ETH history.

eth/btc
Chart of ETHBTC’s price aciton over the past few months with analysis by crypto trader SalsaTekila (@salsatekila) on Twitter.

The fact that ETH managed to bounce at this level suggests that there is some upside for the altcoin against BTC. The same analyst noted that the bounce came on an influx of volume for Ethereum. This only indicates that there were investors that cycle their profits from BTC into ETH, sparking the strong 10% that was seen today. Ethereum is getting buoyed by the fundamental trends. With Ethereum prints pivotal reversal signs against Bitcoin, it seems that the fundamental trends are surrounding Ethereum thanks to its technology as the Australia Central Bank announced its intent to use its technology for the CBDC pilot test:

“The Reserve Bank today announced that it is partnering with Commonwealth Bank, National Australia Bank, Perpetual and ConsenSys Software, a blockchain technology company, on a collaborative project to explore the potential use and implications of a wholesale form of central bank digital currency (CBDC) using distributed ledger technology (DLT)… The project will involve the development of a proof-of-concept (POC) for the issuance of a tokenised form of CBDC that can be used by wholesale market participants for the funding, settlement and repayment of a tokenised syndicated loan on an Ethereum-based DLT platform.”

eth 24hours
ETH 24-hours Price Chart (Source: Coingecko)

There also seems to be an institutional push towards the adoption of the leading crypto asset. Ethereum for one is expected to be added to the Fidelity crypto platform.