The title says it all. As everything has been rallying, ETH has remained basically stagnant on the last two major bounces. This is extremely frustrating, especially considering the oversold RSI levels.
Ethereum has been the under performer in upward movement, while still providing equally negative losses on the pullbacks. The only flip side to this is longer term potential is higher.
At least on the "plus side", there's still an up trend pattern and we're seeing higher highs with higher lows on the 4-hr. This up trend is just not as satisfying as other performers right now. Litecoin is crushing the day so far.
You can't really tell on the chart (sorry), but Stochastic RSI is at the bottom and looking to cycle upward. This means there should be some bullish pressure before too long.
I do still think the longer term potential for ETH is great. Despite the lack of performance in this market currently, Ethereum is still one of my favorite cryptos and I think it will be extremely successful longer term (unlike my opinion of bitcoin's potential).
Hang in there!
The reason is quite simple actually. Ethereum , like any cryptocurrency or blockchain rather is subject to the court of public opinion. More people are interested in blockchains like Tron and EOS and traditionally Bitcoin. The demand for new coins on Ethereum is slowing as the need for new coins become exhausted. People are tired of putting money into coins that have no real purpose. The problem with Ethereum is as the capacity decreases, and the demand for new coins slow, it is loosing its luster amongst investors who are looking to new tech as the future such as TRX. Until Ethereum gets its house in order, I would expect much of the same. Now.. As new idea emerge and new possibilities are found, Ethereum will have a resurgence. Like any good investor or advisor would tell you... Good ideas with good management and better than the best with poor leadership and vision. Ethereum has ALOT of strengths long term, Buy it now while it is cheap!
Everything is correlated in this market. Look at LTC...there's never been a reason for special demand of that, especially now. We see a currency as oversold as ETH is and you'd think there'd be more demand for that over something like LTC. I think it will come around...it's just always delayed. Look at the boom of ETH in Jan vs Dec for BTC. The charts shaping up to have a good spike here.
I agree. It is cyclical, though easily influenced. It will come back around.