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.
Today Bitcoin is down only around 53% from all-time high
But Ethereum is down around 83% from all-time high & could likely go lower as ETH/BTC doesn't look great
For ETH to catch up to where BTC % currently is the price would have to hit $750
Think about that… pic.twitter.com/Ky00HuFme8
— Josh Rager 📈 (@Josh_Rager) June 19, 2019