Action in the ether market might take the spotlight from bitcoin over time due to very different mechanics between the two assets.
Investor interest in ether appears to keep growing, based on spot market volume and a pop in open interest in institutional-grade futures.
Ether (ETH) trading around $2,507 as of 21:00 UTC (4 p.m. ET). In the red 5% over the previous 24 hours.
Ether’s 24-hour range: $2,397-$2,750 (CoinDesk 20)
Bitcoin (BTC) trading around $37,310 as of 21:00 UTC (4 p.m. ET). Losing 5.6% over the previous 24 hours.
Bitcoin’s 24-hour range: $36,591-$39,824 (CoinDesk 20)
The second-largest cryptocurrency by market capitalization, ether, was trading at around $2,507 as of 21:00 UTC (4:00 p.m. ET), slipping 5% over the prior 24 hours. The asset is near the 10-hour moving average and above the 50-day, a sideways signal for market technicians.
Ether dipped from $2,750 at 00:45 UTC (8:45 p.m. ET Monday) to as low as $2,397 by 12:00 UTC (8 a.m. ET), a 12.8% decrease, based on CoinDesk 20 data. Bitcoin has since made gains, however, settling at $2,507 as of press time.
There is a good deal of room to intermediate-term oversold territory for ether,” said Katie Stockton, a technical analyst for Fairlead Strategies, in her weekly investor note. “The corrective phase has not damaged the long-term uptrend or positive monthly momentum indicators, so we ultimately would be a buyer into the weakness.”