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Why Ethereum price is underperforming against Bitcoin?

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.

Why Ethereum price is underperforming against Bitcoin? 2Ethereum 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.

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.

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.

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