The Bitcoin price has been stuck below $20,000 as Ethereum and other altcoins take over the price action and push the sector upwards. Ethereum just deployed the “Bellatrix” upgrade, the final step before “The Merge”, and the price of Ethereum is blazing through local resistance. Related Reading: Ethereum Classic (ETC) Produces A Godlike Candle, How Far Can It Go? At the time of writing, Bitcoin price trades at $19,900 with sideways movement across the last 24 hours and 7 days respectively. In the meantime, the Ethereum price trades at $1,670 with a 7% and 8% profit over the same time periods, respectively. Ethereum Could Breakout Of This Range While The Bitcoin Price Lags “The Merge” will migrate the Ethereum network from a Proof-of-Work (PoW) consensus to a Proof-of-Stake (PoS) consensus. This event has caused a lot of hype across the crypto markets, as some investors believe Ethereum will see more improvements and will enter a new era of adoption. As seen in the chart below, a pseudonym trader outlines Ethereum price current range and its attempt to break out of overhead resistance. If Ethereum validates this bullish move, the cryptocurrency might achieve another milestone and “flip” Bitcoin in terms of market capitalization. Of course, “The Merge” poses many questions for investors as they wonder if this will operate as a “buy the rumor, sell the news” event. The pseudonym trader said: ETH attempting to break out of a range...
