Ether (ETH) Struggles to Maintain Gains as Crypto Market Faces Pressure
Ether (ETH) Struggles to Hold Above $3,100 as Crypto Market Faces Volatility
In the midst of a turbulent crypto market, Ether (ETH), the second largest cryptocurrency by market value, is fighting to maintain its position above the $3,100 mark. After a panicky selloff on Saturday, ETH has been hovering just above this crucial level, up 4% over the past 24 hours but down about 4% from its peak of nearly $3,300 earlier on Monday.
The uncertainty in the market is not limited to Ether, as Bitcoin (BTC) has also faced downside pressure, currently trading modestly lower at $64,200 after briefly touching $67,000 earlier in the day. Solana’s (SOL) has also experienced a setback, dropping to around $140 from its high of $155 earlier in the morning and significantly lower than the $175 level reached on Friday.
The recent market volatility was triggered by geopolitical tensions, as Iran launched a bombing campaign on Israel over the weekend. However, the crypto sector has shown resilience and started to recover from the initial shock.
According to Singapore-based digital assets trading house QCP Capital, buying the dip during major geopolitical conflicts has historically been a profitable strategy. Ed Goh, head of trading at liquidity provider B2C2, noted that there has been consistent buying in BTC, with 57% of their flow directed towards the buy side. Altcoin activity remains high, with a bias towards buying for alternative cryptocurrencies.
Looking ahead, traders are anticipating Bitcoin’s halving event on April 19, which could lead to a short-term “sell the news” reaction before and after the event. Despite the challenges, some altcoins have continued to see significant gains, with Ondo Finance (ONDO) up 15% in the past 24 hours, Render’s RNDR ahead by 12%, and The Graph (GRT) rising by 9%.
As the crypto market navigates through the current volatility, investors are closely monitoring the price movements of major cryptocurrencies and altcoins, looking for opportunities to capitalize on the market fluctuations.