Things are “Getting Serious” for Ethereum as Analysts Eye Continuation
- Ethereum is currently in a precarious position due to it flashing some immense 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 severe underperformance against the benchmark cryptocurrency and even other altcoins
- It has still been able to post some notable gains as of late, but it has not yet seen the rally that many investors and analysts expected it to see
- Where it trends in the mid-term may depend largely on whether or not it can continue bottoming out above a key support level
- One trader is expecting things to start getting “serious” for ETH, with its mounting technical strength potentially paving the way for further mid-term upside
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 it has rallied as of late, it is important to note that its underperformance against Bitcoin has been quite noticeable and may be part of why it has been unable to rally.
One trader believes that it is about to see a massive upswing in the near-term, noting that things are getting serious for the cryptocurrency.
Ethereum Shows Signs of Strength Despite Underperformance
Ethereum has been severely underperforming Bitcoin as of late. This has caused it to see some weakness on its USD pair as well.
At the time of writing, the cryptocurrency is trading up just under 2% at its current price of $665, which marks a notable decline from its recent highs of $668 that were set just a few days ago.
It is forming a close correlation to Bitcoin, making it vital that BTC continues rising in the near-term for ETH to see any major momentum.
Analyst: Things are Getting Serious for ETH
One trader explained in a recent tweet that things are starting to get serious for Ethereum, signaling that it may be on the cusp of seeing a strong push higher in the days and weeks ahead.
“ETH / USD: Things get serious, expecting large continuation soon,” he said while pointing to the below chart.
Image Courtesy of Cactus. Source: ETHUSD on TradingView.
So long as major altcoins continue gaining momentum, there’s a strong possibility that Ethereum will gain some ground against Bitcoin and venture higher in the mid-term.
Featured image from Unsplash. Charts from TradingView.
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via https://www.ohnocrypto.com
Cole Petersen, @KhareemSudlow