Ethereum has endured a rough price movement in the last few weeks, and it is not surprising as Bitcoin has taken all the momentum of the entire market to make its massive rise. Presently, Ethereum is trading low against the leading digital asset. All signs still point to bearish impulse as the digital asset continues to witness a decline below its key support levels.
Despite Ethereum not showing signs of moving up against Bitcoin, the digital asset has fared well against the dollar in the past few weeks. Analysts have further backed the coin to witness a massive price rise like it is being seen with Bitcoin. If Ethereum matches this Bitcoin price surge, the digital asset will look to test its all time high figure and set another one.
Bitcoin is currently hindering Ethereum’s movement
Ethereum is presently trading around the $630 price region, a region that the digital asset has been trading in the last few weeks. Seeking pressure was predominant in the market, and it saw investors sell off most of their Ethereum holding when the price was around $600. This means that the sell-off would need to depart the market before the coin would make a price surge above that price region.
One thing that is hindering Ethereum’s movement in the market is its trade against Bitcoin. If the digital asset does not show positive signs against Bitcoin, then it would continue to trade in a stagnated position in the coming weeks. Traders are still being comforted by various analysis by known analysts across the globe that are backing Ethereum to make the surge.
Altcoins could make a comeback against Bitcoin next year
Analysts worldwide are now saying that the coin could undergo a surge in the early parts of next year due to some on-chain analysis reading. Die to this reading, most of them have noted that the second-placed digital asset could hit its all-time high record in the early part of next year when the surge starts.
“Even though the chart is showing signs of before, it is easy to note that in the macro term, Ethereum could undergo a bullish run in the early part of 2021,” the analyst said. The analyst also says he feels the market shows no signs of bearishness, as being said by various analysts, as he can only read a bullish run in the next couple of weeks. With Bitcoin championing the lead in the market in terms of price moves, Ethereum and other altcoins could easily overturn Its lead if they begin to make their bullish run against the digital asset.
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