It’s not just the temperature that’s rising. Ether successfully avoided a bearish technical setup to reach a two-month high against Bitcoin, but how long will the summer ETHwave last?
ETH/BTC has rallied by more than 22% since the announcement, reaching 0.067, its highest level since May 25. Furthermore, the pair's sharp upside move has pushed its net retracement gains to 37% when measured from June 13's local bottom of 0.049.Strong fundamentals led by the Merge launchtoward the 0.072–0.076 area. This range was instrumental as resistance in January and March–May. Therefore, it should serve as the next upside target for Ether bulls.
But there's a catch. Notably, ETH/BTC has been showing signs of a weakening upside momentum near what appears to be a strong resistance confluence. That includes a falling trendline resistance, a Fibonacci retracement line , and a support-turned-resistance area , as shown below.In addition, ETH/BTC's daily relative strength index, a momentum oscillator indicator, has
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