- Ethereum is having a hard time to match the momentum that Bitcoin is currently seeing
- The benchmark cryptocurrency has actually been acquiring tremendous ground over Ethereum and the rest of the crypto market, with altcoins being not able to match its growth
- This has put any hopes of an impending “altseason” on time out, with BTC supremacy continuing to rise daily
- Ethereum’s efficiency against its Bitcoin trading pair has actually been rather dire as of late and might show that drawback impends against USD also
- This might have dire implications for the altcoin market, and DeFi in specific
- One trader discussed in a recent tweet that he is still bullish on ETH despite its poor performance, expecting all-time highs in 2021
Ethereum has actually seen some rough price action as of late, with the crypto being completely exposed to Bitcoin’s disadvantage without having the ability to record any of its advantage.
This has caused its rate to crater lower over the past few weeks versus Bitcoin, with the ETHBTC pairing looking exceptionally bearish as it continues moving below essential assistance levels.
Despite its weak point against BTC, its USD set has been relatively stable and has revealed some tempered indications of strength.
One analyst is optimistic for Ethereum’s outlook in 2021, keeping in mind that he anticipates it to break its all-time highs and see a strong uptrend that matches that seen by Bitcoin.
Ethereum Stagnates as Bitcoin Continues Taking FlightAt
the time of writing, Ethereum is trading up partially at its current rate of $630. This is around the price at which it has been trading throughout the past few weeks.
The selling pressure laced throughout the upper-$600 region has actually triggered it to see several strong selloffs, and it may be rather a long time prior to it publishes a clean break above this rate area.
Today, ETH’s USD cost is being hindered by its weakness against its Bitcoin trading set. Until it can gain ground against BTC, its stagnation may continue.
Here’s Why Ethereum’s High Time Frame Outlook Favors a Move to All-Time Highs
One trader discussed in a recent tweet that he is still optimistic on Ethereum’s mid-term potential customers, keeping in mind that he is looking for a relocate to all-time highs in 2021.
“ETH/ USD: This chart almost 2 months old now, feel enjoyable tracking this and watching PA play out of the macro term, very bullish going into 2021. Anticipating ETH to break ATH next year… … Current macro pattern I see no reason to be bearish and truthfully I feel really bullish HTF.”
Image Courtesy of Cactus. Source: BTCUSD on TradingView.
In the meantime, Bitcoin remains the star of the marketplace, but this could quickly alter in the year ahead if Ethereum and other altcoins can get some ground on their BTC trading sets.
Included image from Unsplash. Charts from TradingView.