Share this article
Ether Bucks Bearish Trend to Hold Above $1,200
The price of ether, the native token of the ethereum platform, is bucking the downtrend seen across the top 10 cryptocurrencies.
Updated Sep 29, 2023, 11:57 a.m. Published Jan 9, 2018, 3:05 p.m.
Make us preferred on Google
The price of ether, the native token of the ethereum platform, is bucking the bearish trend seen in top 10 cryptocurrencies by market capitalization.
As per data source OnChainFX, ether has appreciated by 7.44 percent in the last 24 hours. Meanwhile, bitcoin, litecoin, stellar lumens and dash are down at least 3 percent each. Tron is down 11 percent, while Ripple has depreciated by 8.9 percent on the day. As of writing, ETH is trading at $1,232.34 levels.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
However, as CoinDesk reported today, ethereum's recent price rises are masking technical problems related to some blockchain operations, issues that could hinder growth if not resolved.
Also, as per CoinMarketCap, trading volumes almost doubled to $8.45 billion yesterday from the Jan. 4 volume of $4.6 billion. The 24-hour trading volume stands at $7.66 billion. A high volume rally indicates strong hands are at play.
Despite being well bid, ETH is still down 4.25 percent from a record $1,267 set yesterday. And while there is no reason to panic, the technical chart does show early signs of bull market exhaustion.
Ether chart
The above chart (prices as per Coinbase) shows:
- Spinning top candle: Yesterday's spinning top candle shows indecision in the marketplace or bull market exhaustion.
- 5-day and 10-day moving averages (MA) continue to slope upwards in favor of the bulls.
- The relative strength index (RSI) shows overbought conditions.
View
- A close (as per UTC) below $1,118.30 (Sunday's high) would confirm spinning top bearish reversal and could yield a short-term pullback to sub-$1,000 levels.
- The upward sloping 10-day MA indicates dips could be short-lived.
- If prices see a sustained move above the previous day's high of $1,228, the big level to watch out for is $1,664 (261.8 percent Fibonacci extension).
Hot-air balloons image via Shutterstock
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
HYPE token surges 24% as silver futures volume soars on Hyperliquid exchange
Silver futures on the crypto derivatives exchange are currently showing $1.25 billion in volume and $155 million in open interest.
What to know:
- HYPE, the native token of the Hyperliquid derivatives exchange, jumped 24% in 24 hours as trading in silver, gold and other commodities surged.
- Silver perpetual futures on Hyperliquid became the platform’s third most active market during Asia hours.
- Because trading fees from user-created markets are used largely to buy back HYPE on the open market, the spike in commodity activity is fueling demand for the token and signaling broader growth for Hyperliquid.
Top Stories
