Ether's Record Run Is Set For A Pause, 3 Charts Suggest
NDTV
Technical indicators suggest the rally in Ether, the second-largest cryptocurrency, is due a breather after a record-breaking run.
New Delhi: Technical indicators suggest the rally in Ether, the second-largest cryptocurrency, is due a breather after a record-breaking run.
The native token of the Ethereum blockchain is up more than six-fold this year, topping Bitcoin's 127% rise amid speculative fervor for digital assets. Upgrades to the Ethereum network and its popularity for so-called decentralized financial services and digital collectibles also boosted Ether demand.
The virtual currency was about $160 below its November 10 all-time high of $4,866 as of 2:10 p.m. in Singapore on Monday.
Ether has consolidated in the last few days and the longer term view is bullish, according to Vijay Ayyar, head of Asia Pacific with crypto exchange Luno in Singapore. “You're going to see Ether and the altcoin market move faster than Bitcoin in the interim,” he said. Altcoins are key tokens other than Bitcoin.
