Analyst Who Called for 650 Ethereum Thinks This is Coming Next
Analyst Who Called for $650 Ethereum Thinks This is Coming Next
This underperformance has caused the ETH/BTC pairing to see degrading technological strength, which may be a indication that further losses are imminent in the near-term.
Any BTC downturn will likely create headwinds for Ethereum and direct altcoins to see catastrophic losses.
Despite this technical weakness, 1 analyst, who previously forecasted the transfer to $650, is noting that ETH could be on the cusp of seeing a move up towards $1,000 or greater.
Ethereum has seen some combined cost action as of late. Although its tendency has generally favored bulls, and the crypto does appear poised to see further upside, it’s been woefully underperforming Bitcoin.
Bitcoin is still guiding ETH, regardless of the tendency of underperformance, which makes it vital for Ethereum that BTC continues rallying higher in the mid-term.
Ethereum Underperforms Bitcoin Despite Market-Wide Strength
For this chance to come to fruition, it is imperative that Bitcoin also shows continued signs of strength.
One crypto dealer who called for $650 Ethereum costs while it was still trading at sub-$200 isn’t calling for a transfer to over $1,000.
- Ethereum has been lagging behind Bitcoin as of late, not being able to match the immense gains seen from the benchmark cryptocurrency
- This trend has come about because of Bitcoin sucking the oxygen out of the room, with the standard crypto outperforming just about every major altcoin as of late
- If this trend persists, Ethereum could continue posting comparative weakness on its BTC trading group, hampering the expansion it sees against the dollar as well
- One dealer who called for a $650 Ethereum cost while it was below $200 is noting that a move towards $1,000+ is imminent in the near-term
Trader Who Nailed $650 ETH Target is Now Looking Towards $1,000
Price action from TradingView.
At the time of writing, Ethereum is trading up just under 1% at its current price of $659.
I say 1000$+ levels shortly,” he said.
Featured picture from Unsplash.
He spoke about this in a recent tweet, describing that upside is likely imminent in the coming months.
Released at Sat, 19 Dec 2020 22:00:55 +0000
This failed breakout effort came about in tandem with one noticed by Bitcoin, with the benchmark crypto surging as high as $24,200 before retracing.