The anticipation around the Merge is causing Ethereum to perform well against Bitcoin
Ethereum’s native token, Ether (ETH), has been charting an uptrend against Bitcoin, bringing the monthly gains against BTC to 50%. At the time of writing, the ETH/BTC pair was trading at 0.075. The recovery can be accounted to the euphoria surrounding the Merge upgrade.
ETH/BTC chart on a 1-Day timeframe
However, the ETH/BTC pair is painting a bearish picture with a rising wedge pattern and may face short-term interim loss, given that pattern calls for a price break below the lower trendline. Additionally, lower trading volumes and a weaker RSI may cause ETH/BTC pair to plummet by 11% to 0.064 in the coming days.