Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has undergone inconsistent price actions lately. This came as a result of its full exposure to Bitcoin (BTC) negative price actions, without being able to replicate any of its positive trends.
This scenario has caused its price dip against Bitcoin (BTC) over the past few weeks, with the bearish look of ETHBTC as it continues to lose key support levels.
However, its weakness against BTC has not affected its USD pair. This makes a crypto analyst remain optimistic for the outlook of the digital currency in 2021, noting that he expects it to surpass its all-time highs and experience a strong uptrend that matches the current parabolic movement of Bitcoin price.
At the time of filing this report, ETH is trading at $643.11. The cryptocurrency has been ranging around this price level for the past few weeks, unlike BTC that keeps gaining and consolidating.
The selling pressure laced throughout the upper-$600 region has caused it to see multiple strong selloffs, and it may be quite some time before it posts a clean break above this price region.
Right now, ETH’s USD price is being hampered by its weakness against its Bitcoin trading pair. Until it can gain ground against BTC, its stagnation may persist.
Ethereum (ETH)’s Chance to Replicate Bitcoin’s Trend for Record Highs
On 25th December, a pseudonymous trader on Twitter explained the reason why he remains optimistic that Ethereum (ETH) would surge to break its price all-time highs in 2021, considering its high time frame outlook.
“ETH / USD: This chart nearly 2 months old now, feel fun tracking this and watching PA play out of the macro term, very bullish going into 2021. Expecting ETH to break ATH next year… Current macro trend I see no reason to be bearish and honestly I feel very bullish HTF.”
$ETH / USD
This chart nearly 2 months old now, feel fun tracking this and watching PA play out of the macro term, very bullish going into 2021. Expecting ETH to break ATH next year…
Current macro trend I see no reason to be bearish and honestly I feel very bullish HTF. pic.twitter.com/EgXndYD7Ga
— Cactus (@TheCryptoCactus) December 25, 2020
Although Bitcoin (BTC), the largest cryptocurrency by market capitalization, is currently the star of the market, this would change in 2021 if Ethereum (ETH) and altcoin markets could strive to dominate their BTC trading pairs.