Ethereum price is underperforming the Bitcoin price gun and that is no secret in the cryptocurrency sphere. In fact, it is not just the Ethereum price but all major altcoins seem to be dependent on Bitcoin.
While Ethereum has not been able to make its mark last year. After its peak price of fourteen hundred dollars ($ 1405), when it nearly flipped the leading cryptocurrency Bitcoin, the cryptocurrency has been experiencing the steep downtrend.
Ethereum price chart by Trading View
Consequently, shredding a large portion of its value as the demand is dropping. Although many analysts have agreed that they have now entered their new bullish trend.
Expert opinion on Ethereum price trends
Brave New Coin's analyst Josh Olsewicz in his latest tweet highlighted numerous reasons why he is the view that he will not be seeing any further demand and no further selling-offs.
previous wyckoff accum didnt hold
My thesis rn:
– New ICOs = IEOs = no $ ETH
– ICO projects dumping $ ETH
– No trading volume to absorb
– Number go down$ ETH kinda ded until Oct / Jan when spec of HF + phase0 may kick in pic.twitter.com/hTs0NLOUt9
– Josh Olszewicz (@CarpeNoctom) August 20, 2019
However, from a fundamental viewpoint, the Ethereum price seems too bearish. Olsewicz stated that there are some ICO that have been gaining traction and the copious ICOs; this implies close-to-zero demand for Ethereum.
Moreover, the Initial Coin Offering projects have been dumping their Ethereum in order to pay for the expenses of the projects. For instance, Substratum, as its wallets are clearing a huge amount of cryptocurrency every other week.
Furthermore, the trading volume is significantly low, hence; no absorption of sell-side pressure. However, some people are optimistic about Ethereum.
In retrospect, 2014/15 was the best risk / reward period for investors to get BTC exposure.
– Chris Burniske (@cburniske) August 20, 2019
According to Chris Burniske of Placeholder, this rough period for the ETH holders and enthusiasts will likely come as an end.
In his latest tweet, he expressed his thoughts about the future and stated that the ETH is currently enduring its first-ever mainstream market, just like Bitcoin endured its first in 2014-2015.