As the highly-anticipated Shanghai hard fork approaches, Ethereum has gained momentum against Bitcoin in April. The hard fork, set for April 12, will enable Ethereum stakers to withdraw around 1.1 billion ETH in rewards, worth over $2 billion as of April 8. The Shanghai hard fork is considered bullish for Ethereum in the long run, and the Ethereum buzz has made it outperform Bitcoin in April, according to many experts. As a result, the ETH/BTC pair has increased by roughly 4.75% month-to-date to reach 0.066 BTC as of April 8, marking an almost 8% rebound since March 20.
The outlook based on fractals puts Ethereum on track for 0.075 BTC by June, which is a 10% increase compared to the current price levels. Ethereum’s rally versus the US dollar has primarily been due to similar uptrends elsewhere in the crypto market, with Ether’s yearly gains likely to consolidate inside the $1,800–2,000 range until the Federal Reserve meeting in May.