Ethereum’s value against Bitcoin rose to its highest level in a year and now reaches the 0.035 BTC resistance line. This is still much lower than 0.17 it reached in January 2018, but it seems that a new price level has been reached.
Ethereum fell from 0.026 to 0.032 on July 23 in just two weeks, where there was a small decline up to 0.028. He then recovered quite quickly to pass the $ 0.035 briefly, while stopping at 0.034 from July 30.
All these are; It means that Ethereum has appreciated against Bitcoin, and therefore the price of Eth has been increasing faster than Bitcoin for the past two weeks.
This may be because many of the value that went to Bitcoin in the bear markets over the past years now feel a bit more willing to take risks by switching to Ethereum.
Probably many of those who were in Bitcoin back then were due to 2018’s Proof of Stake (PoS) delays.
Now with the PoS testnet blockchain released in just a few hours, the market is expected to make some kind of re-price adjustment.
Afterwards, there are decentralized financial space and new token models that are digitized locally, thus reducing costs, and are therefore thought to result in higher interest rates than banks.
However, the 0.035 level is an important resistance line for the second largest cryptocurrency.