Wednesday, September 27, 2023
HomeNewsAnalyticsFirst Mover Americas: Ether's Breaking Out on Bullish Supply-Demand Picture

First Mover Americas: Ether’s Breaking Out on Bullish Supply-Demand Picture

This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

Latest Prices

CoinDesk Market Index (CMI): 1,041.51 +1.17%

Bitcoin (BTC): 20,733 +0.0%

Ether (ETH): $1,624 +1.49%

S&P 500 Futures: 3,893 -0.23%

FTSE 100: 7,056.62 +0.13%

US 10 Year Treasury Yield: 4.045% +0.028

CMI, BTC, ETH prices mark the 24hr change; S&P and FTSE are since Friday close

Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive and standardized classification system for digital assets. The CoinDesk Market Index (CMI) is a broad-based index designed to measure the market capitalization weighted performance of the digital asset market subject to minimum trading and exchange eligibility requirements.

Top Stories

Ether (ETH) rallied 16% last week, registering its biggest weekly gain since July. It appears that the Ethereum blockchain’s recent technological overhaul (aka the “Merge”) is beginning to have a bullish effect on the token price.ETH rose over 16% in the seven days up to Sunday, topping bitcoin’s (BTC) 5% rise.

Furious dogecoin trading over the weekend saw the shiba inu-themed coin reach a market capitalization of over $10 billion, almost doubling its value over what it was a week ago and making it one of the most liquidated coins among futures that track major cryptocurrencies. Dogecoin futures racked up over $89 million in liquidations since Friday, the same day Elon Musk – the self-proclaimed “dogefather” – confirmed his purchase of social network Twitter (TWTR).

  • The above chart shows ether’s daily price action going back to September 2021.
  • Ether has recently outperformed bitcoin on the back of positive changes in demand-supply dynamics and now looks set to rise past a descending trendline, characterizing the 12-month bear market.
  • A breakout may bring more chart-based traders to the market.

Omkar Godbole

Trending Posts

  • Listen 🎧: Sunday’s “The Breakdown” podcast discusses what bitcoin and the stock market’s correlation really means.
  • Can You Believe It? Bitcoin Looks Stable – Green, Even – as Big Tech Stocks Fall Apart
  • Surging Popularity of Ethereum Staking Keeps Lid on Yields

Article Source



NamePrice24H (%)
Bitcoin (BTC)
Ethereum (ETH)
Solana (SOL)

Most Popular

Recent Comments