- While Bitcoin (BTC) may be at risk of a short-term reversal, the poor performance of Ethereum (ETH) futures exchange-traded funds (ETFs) has weighed down the crypto majors.
- Last week, with the launch of 6 ETH ETFs in the United States on Monday, Ethereum and Bitcoin hit one-month highs, and investors were expecting high demand for these products.
- While Ethereum has lost almost all its gains since last week, Bitcoin has generally been trading above support levels.
The lack of volume and low interest in Ethereum ETFs has also created pressure on the Bitcoin price; will prices fall further?
Bitcoin is also Under Pressure Following Ethereum
Following recent price increases, Bitcoin (BTC) may be at risk of a short-term reversal, while the poor performance of Ethereum (ETH) futures exchange-traded funds (ETFs) has weighed down the crypto majors. FxPro senior market analyst Alex Kuptsikevich said the following in a note sent to COINOTAG:
“Bitcoin continues to sell off on growth, unable to make a new attack above the 200-day moving average. Bitcoin has recently outperformed the stock market, but now it is retreating against purchases in the indices.”
In the short term, the trader stated that Bitcoin seems to carry more risk of falling than rising, and he added that Ethereum’s bear market performance did not significantly boost confidence in the best tokens. Last week, with the launch of 6 ETH ETFs in the United States on Monday, Ethereum and Bitcoin hit one-month highs, and investors were expecting high demand for these products.
However, their performance told a different story. On Monday, less than $2 million worth of transactions were made across various types of ETFs, and low volumes throughout the week forced analysts to lower their positive outlook and switch to Bitcoin investments.
This sentiment brought prices down; while Ethereum has lost almost all its gains since last week, Bitcoin has generally been trading above support levels.
Bitcoin and crypto prices remained stable
Crypto majors did not move much over the last 24 hours after profit-taking earlier this week and a lack of catalysts. Bitcoin fell by 0.5%, Ethereum lost 1%, XRP and BNB Chain’s BNB remained nearly unchanged.
Cardano’s ADA tokens were in the green with a 2.2% price increase. Toncoin (TON) rose by 8.8% without a visible catalyst, and Avalanche’s AVAX tokens added a 7% jump to their gains from earlier this week.
