The digital asset market always has some interesting reports on a daily basis. Today we will be focusing on the number two crypto by market capitalization Ethereum. Ethereum has been trading under the resistance at $285 for weeks. The digital asset failed to escape this resistance point several weeks ago. From that time to date, Ethereum appeared to find it tough against BTC after it suffered another dip in price which dropped its resistance to $280 as Bitcoin moved further into a new ceiling. The coin hasn’t been able to match BTC.
Bitcoin (BTC) Price Today – BTC / USD
Ethereum is Trading With a Bearish Bias Against BTC
Against Bitcoin (BTC), Ethereum (ETH) is currently trading in a bearish bias. This is signaling a more downward pattern against the crypto top dog. In the month of April when Ether traded at 0.0315 BTC, analysts declared that the price of ETH was lagging behind. Now the margin appears to have been extended as Ethereum trades against Bitcoin at 0.02935195 BTC after the coin dropped by 0.10% over the past 24 hours.
When the price of Bitcoin saw a trigger that helped to flip its price over $9,000, Ethereum dragged along. It went on to form a new 2019 high at $284. However, the reverse was witnessed after BTC moved over the $9,300 region recently. As the price of Bitcoin continues to trade above $9,000 (having a current market price of $9,162 at the time of writing) against the USD, Ethereum, defiantly, has been trying to maintain its position above $260. The number two crypto by market capitalization Ethereum has a price of $268 at press time.
Why Ethereum Must Reach $750 to Attain Bitcoin’s Position
Towards the start of the last year, almost all the digital assets in the market managed to hit all-time highs as Bitcoin pushed up its position on the top. It led the way by reaching $20,000 which was a record price position. After suffering an 85% drop in price due to a bearish outbreak in the industry, the crypto King has started to trend upward on the better side of the mountain.
Several altcoins have also managed to imitate this price action. While others, such as Litecoin, have even managed to surpass or overtake the drift. However, Ethereum is still hesitant on its trip to the top of the log.
At This Pace, Bitcoin is Gradually Approaching its All-Time High
After drifting over the $9,000 resistance price position, Bitcoin now appears to be edging closer to its all-time high position. It is safe to say that Bitcoin is just only 53% down from reaching its all-time high position of $20,000. Nevertheless, BTC’s closest competition, Ethereum has got a very wide margin to cover if it wants to reach Bitcoin. The coin is down by about 83% from reaching its all-time high point of $1300.
With the lower and more appalling look the ETH/BTC trading pair presents to the digital asset market, analysts have remarked that it would be difficult for the second leading digital asset to catch Bitcoin.
Furthermore, cryptocurrency trader and investor Josh Rager, after he deciphered the margin between the growth rate of Bitcoin and that of Ethereum, declared that Ethereum must hit $750 to catch Bitcoin’s position or match its performance.