- Ethereum is currently in a vulnerable position as it has flashed some tremendous weakness against its Bitcoin trading pair in recent weeks
- This has created some headwinds for its USD pair as well, leading to a pattern of serious underperformance against the cryptocurrency benchmark and even other altcoins
- It has still been able to post some notable gains of late, but has yet to see the rally that many investors and analysts expected it to see
- Where trends in the medium term can depend largely on whether or not it can continue to fall above the level of key support
- One trader expects things to start to get “serious” for ETH, with its growing technical strength possibly paving the way for a further upside mid-season
Ethereum has been flashing signs of weakness as of late, with buyers and sellers largely reaching an impasse as the cryptocurrency underperforms Bitcoin and faces some general consolidation.
Although he has rallied as of late, it is important to note that his underperformance against Bitcoin has been fairly obvious and may be part of the reason why he has not been able to rally.
One trader believes he is about to see a huge increase in the near term, noting that things are going seriously for the cryptocurrency.
Ethereum Shows Signs of Strength Despite Underperformance
Ethereum has been seriously underperforming in Bitcoin. This has caused him to see some weakness on his USD pair as well.
At the time of writing, the cryptocurrency is trading up just under 2% at its current price of $ 665, indicating a notable decline from its recent highs of $ 668 set a few days ago.
It forms a close correlation with Bitcoin, making it imperative that BTC continues to rise in the near term for ETH to see any major momentum.
Analyst: Things are getting serious for ETH
One trader he explained in a recent tweet that things are starting to get serious for Ethereum, signaling that it could be on the verge of seeing a strong push higher in the coming days and weeks.
“ETH / USD: Things are going really well, expecting great continuity soon,” he said in pointing to the chart below.
Image Courtesy of Cactus. Source: ETHUSD on TradingView.
As long as large altcoins continue to gain momentum, there is a strong possibility that Ethereum will gain some ground against Bitcoin and venture higher in the medium term.
Featured image from Unsplash. Charts from TradingView.