According to a tweet from intra-day trader Skew Δ, Ethereum (ETH) is leading the altcoin market in terms of performance. The trader noted that ETH’s positive price movement over the past few weeks may create an opportunity for other altcoins to rise as well. However, at press time, ETH’s price has dropped slightly over the last 24 hours and is currently trading at $2,096.34. Despite this, ETH was able to outperform Bitcoin (BTC) with a 1.25% gain over the same time period.
CoinMarketCap reports that the global crypto market cap has fallen 0.45% over the last 24 hours, bringing the combined market cap to an estimated $1.27 trillion. Additionally, BTC’s market dominance has decreased by 0.41% in the past day, bringing its current dominance to approximately 45.70%.
ETH’s price is currently trading within the daily consolidation channel between $2,014 and $2,140 after posting a 4.93% gain on Thursday and another 4.37% gain on Friday. However, traders should keep an eye on the daily RSI indicator, which is currently flagging a bearish sign. The daily RSI line is sloped negatively towards oversold territory, suggesting that ETH’s price may drop in the next 24-48 hours.
It remains to be seen whether ETH’s recent positive price movement will continue and open up opportunities for other altcoins to rise. As with any investment, readers are reminded to do their own research and due diligence before taking any action. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss resulting from actions taken by readers.
Overall, the crypto market continues to experience fluctuations and investors should remain vigilant in monitoring price movements and indicators to make informed decisions.
