Ethereum is in good position for further gains on Bitcoin in April.
The upgrade is set for April 12, enabling Ethereum stakers to withdraw around 1.1 billion ETH in rewards — worth over $2 billion as of April 8.the hard fork as bullish for Ether in the long term. For instance, the Shanghai buzz has helped Ether outperform Bitcoin in April so far.
As a result, the ETH/BTC pair has risen by about 4.75% month-to-date to reach 0.066 BTC as of April 8, a nearly 8% rebound since March 20., particularly as ETH/BTC dropped to its historical ascending trendline support. Now, the upside move raises the prospects of an extended bullish retracement toward its descending trendline resistance, marked as a"sell zone" in the chart below.The fractal-based outlook puts Ether on target for 0.075 BTC by June, up 10% versus current price levels.
Conversely, a decisive close below the 200-3D EMA near 0.066 BTC, coinciding support/resistance level near 0.067 BTC, risks delaying or — in the worst case scenario — invalidating the bullish retracement setup. This bearish argument echoes independent market analyst CrediBULL Crypto who expects strong selling pressure near the 0.067 BTC resistance level that would lead to a 50% drop in 2023.The ETH/USD pair has rallied by more than 50% in 2023, primarily due to similar uptrends elsewhere in the crypto market.
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