- Ethereum has been lagging behind Bitcoin as of late, not being able to match the tremendous gains seen by the cryptocurrency benchmark
- This trend is due to Bitcoin sucking the oxygen out of the room, with the crypto benchmark outperforming all major altcoin of late
- If this trend continues, Ethereum could continue to post relative weakness on its BTC trading pair, also hampering the growth it is seeing against the dollar
- One trader who called the Ethereum price $ 650 while still below $ 200 now notes that a move toward $ 1,000 + is imminent in the near term
Ethereum has seen some mixed price action of late. While its trend has generally favored bulls, and the crypto seems to be on the verge of further downward trajectory, Bitcoin has been woefully underperformed.
This underperformance has caused the ETH / BTC matching to see a degrading technical strength, which may indicate that further losses are imminent in the near term.
Despite this technical weakness, one analyst, who previously forecast the move to $ 650, points out that ETH could be on the verge of seeing an upward movement toward $ 1,000 or higher.
Ethereum Underperforms Bitcoin Despite Global Market Strength
At the time of writing, Ethereum was trading up just under 1% at its current price of $ 659. This marks a notable decline from the daily highs of $ 670 set during a bid to break out earlier this morning .
This unsuccessful breakout attempt happened alongside one seen by Bitcoin, with the crypto benchmark surging as high as $ 24,200 before withdrawing.
Bitcoin still leads ETH, despite the trend of underperformance, making it vital to Ethereum that BTC continues to rally higher in the medium term.
A Trader Who Hits a $ 650 ETH Target is now looking toward $ 1,000
One crypto trader who called Ethereum $ 650 prices while it was still trading at sub $ 200 does not call for a move to over $ 1,000.
He talked about this in a recent tweet, explaining that an upside down is likely in the coming weeks.
“I called ETH $ 650 when it was trading under 200 $. Now I’m saying 1000 $ + levels soon, ”he said.
Image Courtesy of CryptoBirb.
For this possibility to come to fruition, it is essential that Bitcoin also shows continued signs of strength.
Any BTC downturn is likely to create an uptick for Ethereum and lead altcoins to see devastating losses.
Featured image from Unsplash. Price action from TradingView.