ETH will break its all-time high in 2021 according to analysts but so far, the asset is struggling to match the momentum that BTC is now receiving as we can see in the latest Ethereum news today.
The benchmark cryptocurrency was gaining traction over ETH and the rest of the market with many altcoins being unable to match the growth. This put a lot of the hopes of an imminent altseason on a break with the BTC dominance continuing to increase daily. Ethereum’s performance against the BTC trading pair was dire as of late and could indicate that the downside is imminent against the dollar as well. This could also show some dire implications for the market and Defi in particular as one trader explained that he is still bullish on ETH despite the poor performance expecting all-time highs in 2021.
ETH saw some rough price action as of late with the cryptocurrency being exposed to Bitcoin’s downside without being able to capture some of it. This caused the price to push lower over the past few weeks against BTC with the pair looking bearish as it continues dropping below the key support levels. Despite its weakness against BTC, the USD pair was stable and showed some signs of strength. One analyst is optimistic that ETH will break its all-time high in 2021 with a strong uptrend that matches the one seen by BTC.
At the time of writing, ETH is trading up marginally with a price of $630 which is around the same price that it was set at when it was trading over the past few weeks. The selling pressure laced over the upper $600 region which caused it to see more strong selloffs and could be quite a while before we see another break above this price region. Right now, the ETH USD price is hampered by the weakness against its BTC trading pair so until it is able to gain ground against the market leader, the stagnation could continue.
One trader explained in a tweet that he is quite optimistic on ETH’s mid-term prospects noting that he is waiting for a move to all-time highs in 2021:
“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.”