Ether (ETH), Ethereum’s native token, has been continuing its uptrend against Bitcoin (BTC) as euphoria around its upcoming network upgrade, “the Merge,” grows. On the daily chart, ETH/BTC surged to an intraday high of 0.075 on Aug. 6, following a 1.5% upside move. Meanwhile, the pair’s gains came as a part of a broader rebound trend that started a month ago at 0.049, amounting to approximately 50% gains. The ETH/BTC recovery in part has surfaced due to the Merge, which will have Ethereum switch from proof-of-work (PoW) mining to proof-of-stake (PoS). Rising wedges are bearish reversal patterns that occur when the price trends higher inside a range defined by two rising, converging trendlines.
Ethereum price rises by 50 against Bitcoin in one month
