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Ethereum on back foot whilst Cardano alt-coin rallies

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Ethereum was down more than 1% in Monday morning’s trade, halting the blip of positivity seen at the tail end of last week. 

At US$3.266 Eth was down 1.3%, whilst Bitcoin was also seen slightly on the back foot down 0.12% at US$42,832. 

Some crypto-watchers fancy the trend may soon change. 

Staying above US$40,000 last week was potentially a turning point, according to Naeem Aslam, analyst at Avatrade, who noted that the maintenance of that key level last week coincided with the highest outflow of Bitcoin since September. 

“It appears that the digital coin has stabilized, and the negative trend is likely over,” the analyst said. 

“In addition to successfully maintaining its price above US$40,000, options activity indicates that investors can expect cryptocurrency prices to rise from now on.” 

Aslam points to a more positive short-term outlook for crypto, based on trends in the markets. 

“Demand for call options is rising while demand for put options is declining, and the spread between bearish and bullish expectations has shrunk to near zero from double digits. All of these are encouraging indicators for the cryptocurrency market,” the analyst added. 

He cautioned on the likely rise in US interest rates and said crypto isn’t “entirely in the clear just yet”. 

Elsewhere, one of the big winners was Cardano as the ADA coin gained 14% in the last 24 hours to US$1.55. It is now up 32% since last week.

Cardano’s movement in the last 24 hours can be attributed to over 60,000 virtual plots of land on metaverse project Pavia, built on Cardano blockchain technology, being sold.  

Other notably movers over the last week include Terra and Dogecoin, up 16% and 13% respectively over the last seven days.  

Story by ProactiveInvestors


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