Ethereum has been flashing signs of weakness as of late, with buyers and sellers largely reaching an impasse as the cryptocurrency underperforms Bitcoin and faces some general consolidation.
Although it has rallied as of late, it is important to note that its underperformance against Bitcoin has been quite noticeable and may be part of why it has been unable to rally.
One trader believes that it is about to see a massive upswing in the near-term, noting that things are getting serious for the cryptocurrency.
Ethereum Shows Signs of Strength Despite Underperformance
Ethereum has been severely underperforming Bitcoin as of late. This has caused it to see some weakness on its USD pair as well.
At the time of writing, the cryptocurrency is trading up just under 2% at its current price of $665, which marks a notable decline from its recent highs of $668 that were set just a few days ago.
It is forming a close correlation to Bitcoin, making it vital that BTC continues rising in the near-term for ETH to see any major momentum.
Analyst: Things are Getting Serious for ETH
“ETH / USD: Things get serious, expecting large continuation soon,” he said while pointing to the below chart.
So long as major altcoins continue gaining momentum, there’s a strong possibility that Ethereum will gain some ground against Bitcoin and venture higher in the mid-term.