Trader: Ethereum will probably explode in value compared to Bitcoin
- Both Ethereum and Bitcoin today recorded significant declines against their USD trading pairs.
- Previously, the benchmark crypto currency had reached an all-time high and posted a rejection at this level, indicating a fundamental weakness of the bulls.
- However, ETH’s BTC trading pair has remained stable as the two digital assets have moved in lockstep down.
- This is positive for Ethereum and one analyst comments that the current strength of ETH/BTC suggests that this trading pair could gain up to 180%.
- This in turn would of course have a serious impact on Ethereum’s USD trading pair – and would strongly favour the bulls.
Ethereum and the aggregated crypto market have recently been affected by high volatility, mainly due to the fact that Bitcoin has not been able to breach the USD 19,000 cap.
The selling pressure, which was exerted overnight on the entire market, came about after Bitcoin Cycle made a renewed attempt to set new all-time highs. In the process, the benchmark crypto currency plummeted to $18,200 before finding significant support.
This triggered a shock wave across the market, with ETH plunging into the upper $500 region after having moved into the middle $600 region.
One trader still expects ETH to see serious uptrends in the near future, especially against its Bitcoin trading pair.
Ethereum struggles to gain further momentum
Currently, Ethereum is traded at the current price of 599 dollars. This represents a remarkable drop from the recent highs of almost $640, which were set in the heat of yesterday’s market-wide upswing.
The selling pressure that forced ETH below the $600 mark was solely due to Bitcoin’s refusal to sell at its $19,800 highs. BTC plummeted to $18,200 before finding serious buyer support.
It is no secret that Ethereum has lagged slightly behind Bitcoin in its recent uptrend, with the crypto currency still more than 50% away from its all-time highs.
However, one trader expects the tides to shift in favour of ETH again in the near future. He postulates that ETH could soon rise by up to 90-180% compared to BTC, as it has recaptured the 200-day EMA, broken an important trend line and tested demand.
„ETH | BTC: Imo the ETH Daily is preparing quite well for a bullish future. 200EMA recaptured, Major TL broken and retested, bullish kumo twist, demand tested. If this bullish energy is fed into the weekly and we break the 200W EMA, we are imo good for 90-180% profit against BTC“.
As long as Ethereum can keep up with Bitcoin in dollar terms in the coming days, this strength will last.