- Ethereum has been lagging behind Bitcoin as of late, not being able to match the immense gains seen by the benchmark cryptocurrency
- This trend has come about due to Bitcoin sucking the oxygen out of the room, with the benchmark crypto outperforming just about every major altcoin as of late
- If this trend persists, Ethereum could continue posting relative weakness on its BTC trading pair, hampering the growth it sees against the dollar as well
- One trader who called for a $650 Ethereum price while it was still below $200 is now noting that a move towards $1,000+ is imminent in the near-term
Ethereum has seen some mixed price action as of late. Although its trend has generally favored bulls, and the crypto does seem poised to see further upside, it has been woefully underperforming Bitcoin.
This underperformance has caused the ETH/BTC pairing to see degrading technical strength, which may be a sign that further losses are imminent in the near-term.
Despite this technical weakness, one analyst, who previously forecasted the move to $650, is noting that ETH could be on the cusp of seeing a move up towards $1,000 or higher.
Ethereum Underperforms Bitcoin Despite Market-Wide Strength
At the time of writing, Ethereum is trading up just under 1% at its current price of $659. This marks a notable decline from daily highs of $670 set during a breakout attempt earlier this morning.
This failed breakout attempt came about in tandem with one seen by Bitcoin, with the benchmark crypto surging as high as $24,200 before retracing.
Bitcoin is still guiding ETH, despite the trend of underperformance, making it vital for Ethereum that BTC continues rallying higher in the mid-term.
Trader Who Nailed $650 ETH Target is Now Looking Towards $1,000
One crypto trader who called for $650 Ethereum prices while it was still trading at sub-$200 is not calling for a move to over $1,000.
He spoke about this in a recent tweet, explaining that upside is likely imminent in the coming weeks.
“I called ETH $650 when it was trading sub 200$. Now I say 1000$+ levels soon,” he said.
Image Courtesy of CryptoBirb.
For this possibility to come to fruition, it is imperative that Bitcoin also shows continued signs of strength.
Any BTC downturn will likely create headwinds for Ethereum and lead altcoins to see devastating losses.
Featured image from Unsplash. Price action from TradingView.