Ethereum price breaks out, hits 2-month high versus Bitcoin — is the rally sustainable?
ETH price bear flag invalidated
The ETH/BTC pair invalidated its prevailing "bear flag" pattern after Ethereum developers announced this July 14 that their long-awaited switch to proof-of-stake (called the Merge) will most likely occur in September.
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.
