Ether and bitcoin rose to their highest levels in 10 days on Sunday as the market showed some signs of stabilization.
The No. 2 cryptocurrency rose 5.8% to $1,279.06 on Sunday and is back in Asia time on Monday morning. The rally came after the token dropped to a low of $880.70 on June 18. It seems like there is support near the 200-week SMA, which is currently near the $1,200 level.
number 1 Bitcoin After falling to $17,742.83 on June 19, it topped $21,860 on Sunday. The overall crypto market capitalization hit the $1 trillion mark on Saturday, according to data from CoinGecko, although it was slightly below 9.20am Singapore time. on Monday.
Fundstrat said in a note on Friday regarding the crypto rally, “Ether” is moving forward after a massively small liquidation. Data from CoinGlass shows that there were around $60 million in short liquidations in ether on Friday, the most in five days.
cryptocurrency This year has suffered amid a hike in the Federal Reserve’s rates and persistently high inflation. Ether is still down over 60% this year, even after rebounding from its peak lows.
A major options expiration on Friday was seen as a potential source of volatility. However, “short exposure cleared surprisingly efficiently” for Ether amid “perhaps unexpected stability”, wrote Genesis Trading’s Ainsley Two, Gordon Grant and Noel Acheson in a note.