Ethereum's price turned oversold against Bitcoin after reaching near eight-month lows of $0.062 on March 21. This was followed by a relatively short period of range trading before a rise started on April 3.
According to Deutscher, the newfound strength Ethereum is seeing on its Bitcoin BTC chart might reflect the makings of capital rotation ahead of the Shanghai update. Staked ETH withdrawals will be made possible by the Shanghai upgrade, also known as"Shapella," which completes Ethereum's entire transition to a proof-of-stake network. The long-awaited Shanghai hard fork has an April 12 target date, according to Ethereum developers.
The fact that the last time Ethereum traded at such oversold levels to Bitcoin, it produced fresh highs on the ETH/BTC chart raises the possibility of a sustained rebound in the coming weeks.Deutscher notes that the sustained strength of Ethereum against Bitcoin would bode well for the altcoins' performance. Oftentimes, the altcoin market tends to benefit from Ethereum's show of strength against Bitcoin, with this often an indicator of altcoins' performance.
On the upside, Ethereum faces a barrier that coincides with the moving averages on its Bitcoin chart. A successful flip into support might dictate the next move in the coming days.
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