Ethereum’s Ethereum (eth) showed strength throughout the weekend, prompting investors to expect a break in their bland price performance, which only predicted a decline in the overall market.
Ether was as high as 7% in a silent transaction due to the U.S. holiday, and the meeting height to Monday was $2,850, outperforming the rest of the cryptocurrency market. It then abandoned most of its earnings, and Bitcoin fell to $2,730 as the broader market declined (BTC) fell from $97,000 to $95,500. Nevertheless, ETH has maintained a 2% improvement over the past 24 hours, while the Coindesk 20 index and BTC have been down by about 2%.
Traders quickly pointed out past occasions, such as Late January and early FebruaryWhen a brief ETH rally heralds a broader weakness in crypto prices. Ether then rallied to $3,400 in three days, BTC fell 13% in an ugly surrender campaign in the trade war, while ETH fell 35% to nearly $2,000 in a small-batch weekend .
The power of ether is as a monumental fiascos (e.g. Libra in Argentina In Solana and Broccoli based on BNB chain – Inspired by former Binance CEO CZ, revealing his dog’s name – weighed on tokens from rival No. 1 network.
Aran Hawker, CEO of Coinpanel, transaction automation platform Coinpanel, told Coindesk on Telegram. “Some traders may have moved from SOL to ETH, but there is no obvious trend change or structural change. Any perceived overperformance can be eliminated by the next major market transfer.”
Joel Kruger, a market strategist at LMAX Group, is even more optimistic, saying the price action could be a sign that the ether ended its multi-year slideshow against Bitcoin.
“There is evidence that ETH may hope to eventually be a major low for Bitcoin after falling since 2021,” Kruger said in a market notes on Monday. “We believe it is important to keep a close eye on the current monthly ETHBTC ratio,” he said. and resumed the retreat to encourage the reversal of the prospects.”
Coinglass data shows that cryptocurrency traders are interested in betting on ETH with respect to BTC on Monday. Open interest on ETH futures has risen 12% to 9.27 million contracts (worth nearly $2.6 billion) in all exchanges over the past 24 hours, led by offshore market binary, Gate.IO and B, while BTC Futures Open Interves only Increased by 1%.
