- Ethereum’s price action has underperformed of late in Bitcoin, which is a common trend among all major altcoins
- There is no doubt that BTC’s ongoing rally creates some tails for altcoins, though it has not been enough to fuel any parabolic ETH movement
- This has caused the cryptocurrency to flash some major signs of weakness against its Bitcoin trading pair, which now sits within a key long-term demand zone
- One analyst refers to this as the “final” call zone for the crypto, which could mean it will start to build momentum from here
Ethereum has seen relatively flawed pricing action over the past few days despite Bitcoin’s massive momentum.
Most analysts seem to believe that it will eventually gain enough momentum to match and surpass Bitcoin’s earnings.
For this to happen, the crypto needs to overcome the loosened sales pressure throughout the upper $ 600 region.
One trader is now highlighting a “final” call zone that ETH has reached against BTC, noting that it is bottom and ready to rally further.
Ethereum Strives to Match Bitcoin Immense Momentum
At the time of writing, Ethereum is trading down just under 1% at its current price of $ 640. This is approximately the price it has been trading at throughout the last day.
Yesterday morning it rallied as high as $ 677 before it lost all its momentum and saw a rapid decline to lows of $ 628.
While it has been able to rally off these lows, it still shows some signs of weakness as its Bitcoin trading pair is also hovering in a crucial last-ditch support region.
Trader: ETHBTC Reaching Final Demand Zone
One trader believes that the weakness that Ethereum has seen against Bitcoin has led the ETHBTC pair to reach a key demand zone.
He argues that this will serve as a long-term support base for him to grow on.
“ETH- 3D: Eventually soon we will start to lean again on BTC matching. If I had to bet, this will be one of the last times we actually visit this call zone, and I don’t see ETH dropping below. ”
Image Courtesy of NekoZ. Source: ETHUSD on TradingView.
The next few days should shed some light on where the whole market will tend in the middle of the season. For Ethereum, it must begin to hold parity with Bitcoin in the near term so that it does not see further losses on its ETHBTC pair.
Featured image from Unsplash. Charts from TradingView.