{"id":442902,"date":"2022-05-06T17:05:28","date_gmt":"2022-05-06T14:05:28","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ethereum-hits-3-week-high-vs-bitcoin-amid-fed-led-market-rout\/"},"modified":"2022-05-06T17:05:28","modified_gmt":"2022-05-06T14:05:28","slug":"ethereum-hits-3-week-high-vs-bitcoin-amid-fed-led-market-rout","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ethereum-hits-3-week-high-vs-bitcoin-amid-fed-led-market-rout\/","title":{"rendered":"# Ethereum hits 3-week high vs. Bitcoin amid Fed-led market rout"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3f6c3e443bf\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3f6c3e443bf\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/ethereum-hits-3-week-high-vs-bitcoin-amid-fed-led-market-rout\/#%E2%80%9D_Ethereum_hits_3-week_high_vs_Bitcoin_amid_Fed-led_market_rout_%E2%80%9C\" >&#8221; Ethereum hits 3-week high vs. Bitcoin amid Fed-led market rout &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/ethereum-hits-3-week-high-vs-bitcoin-amid-fed-led-market-rout\/#The_Merge_impact\" >The Merge impact<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/ethereum-hits-3-week-high-vs-bitcoin-amid-fed-led-market-rout\/#ETHBTC_upside_prospects\" >ETH\/BTC upside prospects<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/ethereum-hits-3-week-high-vs-bitcoin-amid-fed-led-market-rout\/#ETHUSD_bearish_scenario\" >ETH\/USD bearish scenario<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Ethereum_hits_3-week_high_vs_Bitcoin_amid_Fed-led_market_rout_%E2%80%9C\"><\/span>&#8221; Ethereum hits 3-week high vs. Bitcoin amid Fed-led market rout &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>Ethereum&#8217;s native token Ether (ETH) tumbled to its worst levels in almost two months against the U.S. dollar on May 6 as the rout in financial markets rippled across the cryptocurrency sector. Nonetheless, ETH did fare better than Bitcoin (BTC) with the ETH\/BTC pair hitting a three-week high.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/8b7a2733-259b-4786-8e52-cc977f95af41.png\"><figcaption style=\"text-align: center;\"><em>ETH\/BTC daily price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"The_Merge_impact\"><\/span>The Merge impact<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Many analysts <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/QwQiao\/status\/1522297823819190272\">credited<\/a>\u00a0Ethereum&#8217;s merge to proof-of-stake from proof-of-work as one of the key reasons behind the capital rotation from Ether to Bitcoin markets, including Toast.ETH, a pseudonymous analyst who <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/intocryptoast\/status\/1522344867078189056\">underscored<\/a> Ether&#8217;s ongoing supply reduction as another reason why ETH may be currently outperforming BTC.<\/p>\n<p>Interestingly, Ethereum has grown by nearly 250% against Bitcoin since the beginning of its migration to proof-of-stake in December 2020.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/a930d9d9-aeec-4fdc-9229-e1afb186eef0.png\"><figcaption style=\"text-align: center;\"><em>ETH\/BTC weekly price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Eliezer Ndinga, a research lead at 21 Shares, a Zug-based crypto ETP provider, pointed out that &#8220;liquid staking&#8221; could also be playing a big role in reducing sell-side pressure.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Liquid staking is the main cushion here, hence why Lido is the largest DeFi <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a> by TVL \u2014 up 51% YTD from $11.9B to over $18B<\/p>\n<p>As of writing, Lido is the second largest app by TVL actually. Still an incredible ride. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/9HgBsu2PC6\">https:\/\/t.co\/9HgBsu2PC6<\/a><\/p>\n<p>\u2014 \u039eli (hiring!) (@elindinga) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/elindinga\/status\/1522324941672271873?ref_src=twsrc%5Etfw\">May 5, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span class=\"ez-toc-section\" id=\"ETHBTC_upside_prospects\"><\/span>ETH\/BTC upside prospects<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Technicals indicate ETH\/BTC could grow further in May but risks a broader correction overall as it trends inside a rising wedge\u00a0pattern.<\/p>\n<p>The pair has bounced after testing the wedge&#8217;s lower trendline as support on April 30, and is now heading towards the upper trendline (around 0.078) as its interim upside target. <\/p>\n<p><strong><em>Related:\u00a0Bitcoin\u2019s rocky road to becoming a risk-off asset: Analysts investigate<\/em><\/strong><\/p>\n<p>But since rising wedges are typically bearish reversal patterns, ETH\/BTC&#8217;s likelihood of breaking lower remains higher in the long term.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/43a4d007-67a8-4303-bdc2-2055780fb23f.png\"><figcaption style=\"text-align: center;\"><em>ETH\/BTC daily price chart featuring &#8216;rising wedge&#8217; setup. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>As a rule of technical analysis, rising wedge breakdowns end up with the price crashing to a level at a length equal to the pattern&#8217;s maximum height when measured from the breakdown point, i.e., 0.064\u20130.069.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"ETHUSD_bearish_scenario\"><\/span>ETH\/USD bearish scenario<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Technical signals suggest more downside prospects for Ether in the coming months, with a &#8220;bear flag&#8221; pattern projecting ETH&#8217;s price decline toward $1,700 in Q2, down about 40% from May 6&#8217;s price.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/086de4f4-90f6-40ff-95e9-952659e49e0a.png\"><figcaption style=\"text-align: center;\"><em>ETH\/USD weekly price chart featuring &#8216;bear flag&#8217; setup. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Conversely, a rebound from the flag&#8217;s lower trendline could have Ether retest $4,000.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/ethereum-hits-3-week-high-vs-bitcoin-amid-fed-led-market-rout\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Ethereum hits 3-week high vs. Bitcoin amid Fed-led market rout &#8220; Ethereum&#8217;s native token Ether (ETH) tumbled to its worst levels in almost two months against the U.S. dollar on May 6 as the rout in financial markets rippled across the cryptocurrency sector. Nonetheless, ETH did fare better than Bitcoin (BTC) with the ETH\/BTC&#8230;<\/p>\n","protected":false},"author":1,"featured_media":442903,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvZWQwZjRmMTItNmIwZi00NTExLTlmZGEtZDMyNWFiZTE1NzdmLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[82402,74891,74938,74939,78261,73785,71407],"class_list":["post-442902","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-ether-price","tag-ethereum","tag-ethereum-price","tag-market-analysis","tag-tech-analysis","tag-markets","tag-trading"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/442902","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=442902"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/442902\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/442903"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=442902"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=442902"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=442902"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}