- Ethereum’s price has hit a key demand zone following an extended period of weakness against Bitcoin
- So far this demand zone is proving to be a strong support level for the cryptocurrency, but it still has a long way to go before it can gain any significant ground against Bitcoin
- One trader now notes that it’s only a matter of time before the price of ETH rockets higher
- He points to the strength of his current support against Bitcoin as well as the imminent launch of the future of CME ETH as reasons why an upside could be imminent in the near term
- The culmination of its technical support and underlying strength from this tasteful listing could suggest that a huge increase is imminent
Ethereum has been battling to gain any serious momentum as of late, with its weakness against Bitcoin causing its USD trading pair to also flash signs of tremendous weakness.
Where it tends in the near term, it could largely depend on Bitcoin’s price action, as any continued upward momentum could cause altcoins like ETH to hold on to the recent pattern of underperformance.
One trader explained that the upcoming CME futures list along with its strong support indicates that a serious push higher up is imminent in the near term.
Ethereum Continues to Lose Land Against Bitcoin
At the time of writing, Ethereum is trading down just under 2% at its current price of $ 650. This is roughly the price at which the crypto has been trading for the past few days and weeks.
The sales pressure it has been facing has been largely due to a perceived weakness against the BTC pair of the cryptocurrency.
Bitcoin’s strength has caused most altcoins to lose ground against it and could continue to block their price actions mid-season.
Analyst: ETH Reaches Key Assistance in Sales Weight Sales
One trader he explained in a recent tweet that Ethereum is now approaching a key support level that could continue to strengthen its price against Bitcoin and allow it to see some further upside.
It also notes that the upcoming listing of CME futures could be a catalyst for growth.
“ETH – weekly macro. Back on demand. I expect ultra-low to print very soon, before starting to reverse. As money floods in the crypto, it is only a matter of time before the second largest asset receives institutional funding. Not to mention CME opens in February. ”
Image Courtesy of NekoZ. Source: BTCUSD on TradingView.
It may take some time to really understand Ethereum’s position against Bitcoin, but for now, it is showing some tremendous signs of weakness.
Featured image from Unsplash. Charts from TradingView.