Ether is excelling while the bitcoin sideshow is barely making gains. BNB breaks out on DeFi, going past $100 billion in market capitalization Monday.
Ether (ETH) trading around $3,290 as of 21:00 UTC (4 p.m. ET). Gaining 10.7% over the previous 24 hours.
Ether’s 24-hour range: $2,941-$3,300 (CoinDesk 20)
Ether well above the 10-hour and the 50-hour moving averages on the hourly chart, a bullish signal for market technicians.
Ether was trading around $3,290 as of 21:00 UTC (4:00 p.m. ET), gaining more than 10% over the prior 24 hours. The second-largest cryptocurrency by market capitalization is the crypto story for Monday because the asset hit a fresh record high of $3,300 around 18:15 UTC (2:15 p.m. ET), according to CoinGecko.
“Ether has accelerated to new highs, reaching the targeted level of ~$3,000 from its April breakout far sooner than indicated,” noted technical analyst Katie Stockton, in Fairlead Strategies’ Monday market update. “It is not wise to fight momentum, so we are reassuming a bullish near-term bias, somewhat reluctantly.”
Momentum, in the form of ether spot exchange volume, is clearly high. Ether volume tallied $35 billion Sunday, with bitcoin just a bit higher at $39 billion. Together, the two assets changed over $74 billion in value Sunday – and that’s on a weekend day. Traders will be eyeing volume for the rest of the business week to see where the price settles, particularly with ether continually hitting fresh levels on the spot market.
Meanwhile, over $20 billion in locked value inside decentralized finance, or DeFi, has been gained in the last month, according to data aggregator DeFi Pulse. The value of ether, combined with traders looking for yield that exists for parking crypto in DeFi, is a fundamentally bullish sign for the Ethereum network overall.
“ETH has been powering for the past two years on the booming DeFi industry with a total value locked above $70 billion,” noted Elie Le Rest, partner at quantitative trading fund ExoAlpha. Le Rest also mentioned to CoinDesk the ambitious ecosystem upgrade Ethereum 2.0 as part of the catalyst for traders to punch buy on ETH. “Despite the high fees experienced by the Ethereum network, the market is starting to reflect the anticipated growth of ETH 2.0 into the price of ETH.”
The ether futures market is hitting brand-new levels not seen before, pushing open interest up to $8.8 billion and topping the previous record of $8.4 billion reached April 15, according to analytics provider Skew.
“I bet the launch of ETH futures has increased the comfort level of the massive asset managers that have sent U.S. stock market capitalization north of 200% of GDP and global bond yields negative,” said George Clayton, managing partner at investment firm Cryptanalysis Capital. ”I think ETH is acting like an institutional platform.”
Ether (ETH) trading around $3,290 as of 21:00 UTC (4 p.m. ET). Gaining 10.7% over the previous 24 hours.
Ether’s 24-hour range: $2,941-$3,300 (CoinDesk 20)
Ether well above the 10-hour and the 50-hour moving averages on the hourly chart, a bullish signal for market technicians.
Ether was trading around $3,290 as of 21:00 UTC (4:00 p.m. ET), gaining more than 10% over the prior 24 hours. The second-largest cryptocurrency by market capitalization is the crypto story for Monday because the asset hit a fresh record high of $3,300 around 18:15 UTC (2:15 p.m. ET), according to CoinGecko.
“Ether has accelerated to new highs, reaching the targeted level of ~$3,000 from its April breakout far sooner than indicated,” noted technical analyst Katie Stockton, in Fairlead Strategies’ Monday market update. “It is not wise to fight momentum, so we are reassuming a bullish near-term bias, somewhat reluctantly.”
Momentum, in the form of ether spot exchange volume, is clearly high. Ether volume tallied $35 billion Sunday, with bitcoin just a bit higher at $39 billion. Together, the two assets changed over $74 billion in value Sunday – and that’s on a weekend day. Traders will be eyeing volume for the rest of the business week to see where the price settles, particularly with ether continually hitting fresh levels on the spot market.
Meanwhile, over $20 billion in locked value inside decentralized finance, or DeFi, has been gained in the last month, according to data aggregator DeFi Pulse. The value of ether, combined with traders looking for yield that exists for parking crypto in DeFi, is a fundamentally bullish sign for the Ethereum network overall.
“ETH has been powering for the past two years on the booming DeFi industry with a total value locked above $70 billion,” noted Elie Le Rest, partner at quantitative trading fund ExoAlpha. Le Rest also mentioned to CoinDesk the ambitious ecosystem upgrade Ethereum 2.0 as part of the catalyst for traders to punch buy on ETH. “Despite the high fees experienced by the Ethereum network, the market is starting to reflect the anticipated growth of ETH 2.0 into the price of ETH.”
The ether futures market is hitting brand-new levels not seen before, pushing open interest up to $8.8 billion and topping the previous record of $8.4 billion reached April 15, according to analytics provider Skew.
“I bet the launch of ETH futures has increased the comfort level of the massive asset managers that have sent U.S. stock market capitalization north of 200% of GDP and global bond yields negative,” said George Clayton, managing partner at investment firm Cryptanalysis Capital. ”I think ETH is acting like an institutional platform.”
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.