Ether Rally Falters as Bitcoin Drops Below $96,000
Ethereum's ether (ETH) experienced a brief rally over the weekend, peaking at $2,850 before dropping back to $2,730 as the broader crypto market fell. Key points include:
- ETH outperformed the market with a 2% gain over 24 hours.
- Bitcoin (BTC) decreased from above $97,000 to $95,500.
- Traders noted past instances where ETH rallies preceded market declines.
- Recent memecoin events impacted layer-1 tokens, affecting ETH's performance.
- Open interest for ETH futures rose 12% to 9.27 million contracts, while BTC futures grew only 1%.
- Market analysts express mixed views on ETH's potential trend reversal against BTC.
Overall, while ETH showed short-term strength, caution is advised due to historical patterns of subsequent losses in the crypto market.