Ethereum is testing price that preceded a 60 percent rise in 2022

Ethereum continues to lose ground against Bitcoin. We have now had five days in a row where Bitcoin emerged as the big winner in the battle between the two greats, partly as it broke above $30,000 for the first time since June 2022. All eyes are on Bitcoin, but can Ethereum change that with the Shapella upgrade coming out today?

Ethereum is losing ground

From the peak of 0.0679 Bitcoin per Ethereum 6 days ago, creator Vitalik Buterin’s coin has lost about 6.75 percent. Also, the coin is now trading a few 2 percent above the March 20 local low of 0.0622 Bitcoin, suggesting that Ethereum’s offensive is nearly broken at this point.

Interestingly enough, institutional interest has also moved more towards Bitcoin than Ethereum at the moment, according to CoinShares’ weekly report. It shows that Bitcoin-focused investment funds saw an inflow of 56 million in the week ending April 7.

While Bitcoin funds recorded an inflow of $56 million, Ethereum only recorded $600,000. This puts it quite far ahead of the rest of the altcoins, where there was little to no institutional activity.

Reversal imminent?

Ethereum’s decline against Bitcoin means that the coin is moving towards an ascending trendline which is currently around 0.0635 Bitcoin per Ethereum. The resistance ends up at 0.0750 Bitcoin per Ethereum, which means we are quickly moving towards a decision point.

Ethereum vs Bitcoin. Source: Cointelegraph/Tradingview

In July 2022, Ethereum began a massive uptick after testing that same line as a fulcrum on the chart. At the time, it gained about 60 percent against Bitcoin and finished number two in the market at a score of 0.0856 Bitcoin per Ethereum.

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Now that the important Shapella upgrade is just around the corner and the optimism around Ethereum could just return, which means we need to keep an extra eye on this chart. Does Ethereum have what it takes to catch up with Bitcoin? We will see that in the coming weeks.

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