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Ethereums native token, Ether (ETH), continues its multimonth downtrend against Bitcoin (BTC) in March, rising 5.5% versus the latters 19.5% gains on a month-to-date timeframe.

As of March 23, the ETH/BTC pair was down about 9% month-to-date to 0.0633 while staying on course to record its worst month since September 2022, when it fell 11.75%.

From a fundamental perspective, traders preferred Bitcoin over Ether, hoping it would protect them from the ongoing banking turmoil in the U.S. and other parts of the world. The narrative gained momentum in recent weeks as Wall Street investors like Cathie Wood see Bitcoin as a potential flight to safety asset.

As a result of the growing speculation, Bitcoin outperformed traditional assets after March 8, when signs of trouble appeared at Silicon Valley Bank. In doing so, BTC also fared better than the altcoin market combined, including Ethereum.

However, from a technical perspective, Ethereum is positioned for a comeback versus Bitcoin.

At least two technical indicators pose the possibility that ETH/BTC will rebound sharply in the coming weeks.

Related:Ethereum price at $1.4K was a bargain, and a rally toward $2K looks like the next step

First, the pairs three-day relative strength index has dropped below 30, which technical analysts consider an oversold area.

Second, Ethers drop versus Bitcoin has landed its price near its ascending support level (buy zone in the chart below).

A similar scenario in the JuneJuly 2022 session preceded an approximately 60% rally toward ETH/BTCs descending trendline resistance (sell zone in the chart above). If the fractal plays out, the pair could rally toward the same resistance level by June 2023.

In other words, Ether has a decent chance of rebounding by more than 15% to around 0.075 BTC. Conversely, a break below the ascending trendline support will invalidate the bullish fractal.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Ethereum faces 6-month lows versus Bitcoin Will ETH price rebound? - Cointelegraph

Ethereums censorship problem seems to have changed course over the past six months. After the government's Office of Foreign Asset Control sanctioned Tornado Cash transactions to U.S. citizens in August, the vast majority of blocks added to the blockchain were OFAC compliant.

Now, the share of censored blocks has shrunk to less than a third in what might be seen as a comeback for Ethereums anti-censorship ethos.

According to the site MEV Watch, during the past weekend and into the beginning of this week, roughly one in three blocks that made it onto the Ethereum blockchain was OFAC compliant. This means that about 30% of blocks excluded transactions sanctioned by the OFAC, including Tornado Cash.

Flipping that around, more than two-thirds of blocks that made it onto the Ethereum blockchain over the last 24 hours are not OFAC compliant.

Since Ethereum went through the Merge in September, about 85% of the blocks that made it onto the blockchain participated in a middleware known as MEV-Boost, where validators can request pre-made blocks from builders.

MEV-Boost is a software that helps validators earn MEV, or maximal extractible value, which are profits that come from rearranging or including certain transactions within a block. The MEV-Boost software was innovated by Ethereum research and development team Flashbots in order to distribute MEV among validators more equally.

While MEV-Boost hasnt been integrated into Ethereum at the protocol level, its widely used by the Ethereum ecosystem, as 85% of validators have relayed blocks via the middleware component. Flashbots also has its own relayer for validators to connect with, used by roughly 25% of validators.

After OFAC sanctioned Tornado Cash, there was debate over whether validators should include those transactions or not. Ever since then, the Ethereum community has continued to push for a censorship reversal, and the results of those efforts now appear to be paying off thanks, in large part, to the introduction of new, non-censoring relays.

At the time the sanctions went into effect, most validators were connected to Flashbots MEV-Boost relay, which Flashbots immediately programmed to censor transactions by default.

In response to community backlash, however, Flashbots raced to complete the process of open sourcing its code for MEV-Boost, so others could develop their own non-censoring relays.

In November, Agnostic and ultra sound relays with a non-censoring version of MEV-Boost were introduced. Since then, they have risen up in the ranks of relays delivering blocks on Ethereum. Flashbots accounts for delivering about 26% of the blocks over the past 14 days, while Agnostic and ultra sound each have delivered roughly 20% of the blocks over the past 14 days.

Over the weekend, Agnostic and ultra sound each delivered more blocks on Ethereum than Flashbots did.

Martin Kppelmann, co-founder of Gnosis Chain, which runs the Agnostic relay, told CoinDesk that it took some time to get the word out and demonstrate that we offer a reliable relay.

Now that validators have had the opportunity to experiment with MEV-Boost, many have started to turn to alternative relays like Agnostic and ultra sound.

The number of validators that are connected to us is constantly growing, Kppelmann said. We were already able to deliver the most blocks of all relays for some period of time.

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Latest Ethereum Blocks Suggest Validators Are Reversing Censorship - CoinDesk

Ethereum and Bitcoin are two distinct powerhouses, each offering unique use cases and capabilities that are disrupting and transforming legacy institutions. Each has its maximalist devotees, but the trend is towards synergy and away from a zero-sum approach.

As the crypto ecosystem continues to expand, these two titans are driving innovation and adoption through different approaches. This article delves into Ethereum and Bitcoins unique strengths, showcasing their role in the evolving crypto landscape.

Ethereums journey began as an ambitious project, seeking to expand the possibilities of blockchain technology. While Bitcoin was supposed to excel as digital gold, Ethereums flexibility and adaptability have positioned it as the most popular blockchain.

Diverse applications, including decentralized finance (DeFi), non-fungible tokens (NFTs), and blockchain gaming, contribute to Ethereums growing influence in the crypto space.

The DeFi sector, driven by Ethereums smart contracts, has fundamentally changed financial services. Users can now access a variety of products without relying on traditional intermediaries. Ethereum-based lending and borrowing platforms such as Aave and Compound, as well as decentralized exchanges like Uniswap and SushiSwap, grant individuals unparalleled control over their assets.

Decentralized autonomous organizations (DAOs) have also emerged, enabling communities to govern themselves and allocate resources through consensus. Projects like MakerDAO and the decentralized insurance platform Nexus Mutual exemplify Ethereums potential to foster innovation, attracting developers and users alike to its ever-growing ecosystem.

The NFT market exploded in 2021, disrupting the art, collectibles, and digital content industries. Ethereums blockchain stands as the backbone for this phenomenon, enabling artists and creators to mint unique tokens representing ownership of digital assets. These tokens, traded on platforms like OpenSea and Rarible, have democratized access to art and collectibles, connecting creators and collectors like never before.

Notable examples include the sale of digital artist Beeples Everydays: The First 5,000 Days for $69 million and the meteoric rise of CryptoPunks, a collection of 10,000 unique pixel art characters. Moreover, NFTs have become an essential tool for digital content creators, allowing them to monetize their work through royalties and secondary sales. Ethereums role in this transformative market demonstrates its potential to reshape industries and redefine value.

Blockchain gaming is another frontier where Ethereum shines. Developers leverage its robust capabilities to create immersive experiences, offering players new levels of ownership and engagement. Tokenized assets within these games grant players genuine ownership of digital items, which can be traded or sold in decentralized marketplaces.

Axie Infinity, a popular Ethereum-based game, allows players to collect, breed, and battle digital creatures called Axies. These Axies can be traded on a decentralized marketplace, creating a thriving in-game economy. Additionally, Ethereum-based games often feature decentralized economies, giving players the power to influence and shape in-game worlds. This innovation fosters deep engagement as players contribute to their virtual environments and earn rewards for their efforts.

Bitcoin, the original cryptocurrency, has remained the most valuable digital asset since its inception in 2009. Its ability to maintain value over time has earned it the moniker digital gold.

As a decentralized, finite, and censorship-resistant currency, Bitcoins strengths lie in its simplicity and security.

One of Bitcoins primary use cases is as a store of value. Its scarcity, with a maximum supply of 21 million coins, ensures that it remains a deflationary asset, making it an attractive hedge against inflation. Many investors consider Bitcoin a safe haven, similar to gold, during times of economic uncertainty.

In addition to its scarcity, Bitcoins robust security and decentralized nature have contributed to its enduring appeal. Its proof-of-work consensus mechanism, which relies on a vast network of miners, ensures the networks integrity and resilience against attacks.

Furthermore, Bitcoins global acceptance and liquidity make it an ideal medium for cross-border transactions. Lower fees and faster transaction times compared to traditional remittance services have popularized Bitcoin as a means of transferring value across borders.

Bitcoins position as the most valuable cryptocurrency is a testament to its unique qualities as digital gold and a reliable store of value. These attributes, combined with Ethereums versatility, demonstrate that both cryptocurrencies play crucial roles in the evolving blockchain ecosystem.

As Ethereum continues to gain adoption, questions arise about its potential to overtake Bitcoin as the leading cryptocurrency. Ethereums real-world applications span multiple industries, and its growing popularity is hard to ignore.

Nonetheless, the two cryptocurrencies serve different purposes. Bitcoins scarcity and established reputation make it a reliable store of value, while Ethereums versatility fuels its expanding use cases. It is not necessarily a zero-sum game, as both cryptocurrencies can coexist, fulfilling distinct needs within the market.

One notable development is Ethereums transition to Ethereum 2.0, which aims to improve its scalability, security, and sustainability through a shift from proof of work to proof of stake. This upgrade and others could further bolster Ethereums position as a leading blockchain platform.

Ultimately, Ethereums growth and development showcase its potential to challenge the status quo, pushing the boundaries of blockchain technology and establishing its place as a formidable force in the crypto world.

As the crypto landscape evolves, Ethereum and Bitcoin remain at the forefront, each commanding a loyal following. Ethereums innovative spirit challenges Bitcoins dominance, but both cryptocurrencies offer unique value propositions that appeal to different audiences.

Visa, the global payments giant, has already begun utilizing Ethereums blockchain to settle transactions in the stablecoin USDC. This move signifies the growing acceptance and adoption of Ethereums technology in mainstream finance.

Meanwhile, projects like Stacks aim to enhance Bitcoins capabilities by building smart contracts and other functions on top of its blockchain. Stacks demonstrates that Bitcoins potential extends beyond its status as digital gold, opening up new possibilities for the original cryptocurrency.

The future of cryptocurrency may hinge on the ability of Ethereum and Bitcoin to coexist and complement each other. Theyll likely both play crucial roles in shaping tomorrows economic terrain as the lines between digital gold and utility blur.

With the popularity of Layer 2 solutions such as Polygon and Optimism for Ethereum and platforms like Stacks for Bitcoin, the crypto ecosystem is poised to become even more robust and versatile. This progress opens up new possibilities for developers and users alike, sparking creativity across both platforms.

As the decentralized world continues to expand, the combined strengths of Ethereum and Bitcoin may lay the groundwork for a more inclusive, transparent, and efficient financial future.

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Ethereum and Bitcoin: Diverse Use Cases Fueling a Dynamic ... - BeInCrypto

Cycle from November 9, 2022 low in Ethereum (ETHUSD) is in progress as a 5 waves impulse Elliott Wave structure. Up from Nov 9, 2022 low, wave 1 ended at 1742 and wave 2 pullback ended at 1372.49 as the chart below shows. Ethereum has extended higher in wave 3 with internal subdivision as an impulse in lesser degree. Up from wave 2, wave ((i)) ended at 1489.50 and dips in wave ((ii)) ended at 1416.80. The crypto currency extended higher in wave ((iii)) towards 1784.1 and pullback in wave ((iv)) ended at 1614.80. Final leg higher wave ((v)) ended at 1846 which completed wave 3.

Wave 4 pullback is now in progress to correct cycle from March 10, 2023 low before the rally resumes. Internal subdivision of wave 4 is taking the form of a zigzag Elliott Wave structure. Down from wave 3, wave ((a)) ended at 1725 and rally in wave ((b)) ended at 1839.90. Expect wave ((c)) to end soon and Ethereum to extend higher. Potential target for wave ((c)) is 100% 161.8% Fibonacci extension of wave ((a)). This area comes at 1644.2 1719.1 as denoted with the blue box on the chart below. From this area, Ethereum should extend higher or rally in 3 waves at least.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

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Elliott Wave suggests Ethereum (ETH/USD) at the support zone [Video] - FXStreet

The narrative of Ethereum Layer 2 solution tokens is heating up with the shift in focus to altcoins. Bitcoin and Ethereum price rallies grinded to a halt after the recent rate hike announcement by The Fed. Typically, this shifts focus to altcoins and token holders can benefit from the alt season and upcoming L2 airdrops.

Also read: Arbitrum's ARB token goes live, here is what to expect

Polygon Networks native token MATIC and MetisDAOs METIS have witnessed accumulation since March 12. This coincides with the time when market participants were hit by the global banking crisis. Typically, accumulation by token holders fuels a bullish thesis for the asset.

Based on data from Santiment, METIS is being accumulated by holders in different segments. METIS holders between 1-10, 10-100, 100-1,000 and 1,000 to 10,000 coins have been consistently accumulating the Layer 2 token, as seen in the chart below.

METIS accumulation by holders in different segments

Similar pattern is noted in Polygons native token MATIC. Token holders have been responding to the global financial crisis and the heating narrative of Ethereum L2s, scooping up MATIC since March 12.

MATIC accumulation by holders

Among other Ethereum Layer 2 tokens, MATIC and METIS have relatively high relevance and utility. The accumulation of these tokens is bullish for holders and is expected to influence price growth in the short-term.

Competition between Layer 2 solutions has intensified with new airdrop announcements and alt season narrative. This offers another benefit to users as protocols compete to offer lowest gas fees and fastest transaction processing.

Holding or trading L2 token is beneficial for traders, at the same time the prospect for earning free money comes from airdrop farming. Farming benefits protocols as users are attracted to liquidity of the platform and the strategy benefits users who collect airdrop tokens and sell on DEX or CEX.

Here is a list of long awaited airdrops after Arbitrums ARB goes live today.

This is a zero knowledge Layer 2 rollup on the Ethereum blockchain. It enables access to the Ethereum chain through MetaMask, boosting its utility for traders. The project recently opened for protocols to deploy their code on the zkSync mainnet.Users of the L2 can maximize their chances of gaining their airdrop by increasing their on-chain footprint on zkSync Era mainnet.

Another zk-based Ethereum rollup Starknet confirmed its STARK token. The Starknet mainnet was launched in November 2022 and total deposits climbed to $2.49 million after the Arbitrum airdrop announcement. Users are rushing to maximize their usage of Starknets mainnet for opportunity to participate in the STARK airdrop.

Scroll competes with zkSync and Polygons zkEVM. The rollup is completely compatible with the Ethereum Virtual Machine and replicates its design to make it easier for developers deploying their project on Scroll.The team launched on the Ethereum Goerli testnet and allowed public testing. Over 100,000 users accessed the testnet version, awaiting mainnet launch, which is scheduled for the end of the year.

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Ethereum Layer 2 rat race intensifies, here's how to benefit - FXStreet