Altcoins Cryptocurrency

Why Ethereum needs to hit $750 to Catch Up with Bitcoin after Complex Long-Term downtrend

Binance Research Praises Ethereum, Says EOS, IOST Full of Data Manipulation, Washtrade on Tron

After failing to escape the $285 resistance level weeks ago, Ethereum, the world second largest coin, seems to be finding it tough against Bitcoin with another dip which lowered its resistance level to $280 as Bitcoin hang over in a new ceiling.

Against BTC, ETH is currently trading with a bearish bias, signaling more downward trend against the crypto king.

In April when Ethereum traded at 0.0315BTC, analysts proclaimed it is lagging behind, and now the margin seems to have been widened as ETH trades against BTC at 0.02935195 BTC with -0.10% price change in the last 24 hours.

When Bitcion saw a trigger which flipped its price up to above $9,000, Ethereum also dragged along, forming a new 2019 high around $284, but the reverse was witnessed when BTC went past $9,300 lately.

As Bitcoin continues to hover above $9,000 with a market price of $9,162 against USD as at press time, Ethereum, defiantly, is trying to maintain a float above $260 with a market price of $268.

Why Ethereum Needs to Reach $750 to Catch up with Bitcoin

Towards the beginning of 2018, almost all coins in the market hit their all-time high as Bitcoin led the way to the ceiling reaching $20,000 record price. After an 85% drop in the value of Bitcoin which was relative within the industry, the crypto King is now trending upward on the steep side of the hill.

A number of altcoins have also imitated this trend while some, like litecoin, even managed to surpass the drift. However, Ethereum remains hesitant on its voyage to the top.

After drifting above the $9,000 resistance level, Bitcoin edged closer to its all-time high value. At the moment, Bitcoin is just 53% down from the $20,000 all-time high value, nevertheless, Ethereum has got a wide margin to cover as it is down by 83% from its all-time high, $1300.

With the lower and appalling look ETH/BTC trade pair presents in the market, analysts have proclaimed that it would be hard for the leading altcoin to catch up with Bitcoin.

Furthermore, Crypto trader/investor Josh Rager, after deciphering the margin between Bitcoin’s growth and Ethereum’s in the market, proclaimed that the latter will need to hit $750 price to catch up with Bitcoin.

Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.

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About the author

Khalid Lawal

Lawal Khalid is an avid entrepreneur and a peace advocator. He takes time developing expertise in journalism, and he has significant contributions at Arianna Huffington's Thrive Global, Oracle Times, Coin Gape and a host of other notable news publications.

Owing to his long time interest in innovative technology, Lawal cut into the blockchain world, and he has been unearthing meaningful investigation as well as noteworthy blockchain researches.

Khalid sits at the helm of NewsLogical.com as a full time journalist and a senior market analyst.

Email: lawal.khalid@newslogical.com

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