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.”
Despite Stockton’s concerns about oversold territory, trading volumes for ether appear robust. Monday’s closing data from CoinDesk Research again highlights that traders will pool liquidity in digital assets that have long-term fundamental promise, and not just in bitcoin.
