Ethereum (CRYPTO: ETH) traded sharply lower at press time as the recent rally in the second-largest cryptocurrency by market cap fizzled out.
What Happened: ETH traded 6.4% lower at $2,116.61 at press time over 24 hours. The cryptocurrency is still up 7.23% for the week.
See Also: How To Buy Ethereum (ETH)
ETH traded 2.38% lower against the apex cryptocurrency Bitcoin (CRYPTO: BTC).
ETH has outperformed BTC recently and technical charts indicate that further upside may be in store for ETH.
Trading View charts show improving momentum with ETH/BTC ratio holding on to the supportive levels above the 100-day moving average.
ETH/BTC pair is trading between the 30-day and 200-day moving averages showing some uncertainty in the market and a relative strength index slightly above 50 indicates an uptrend.
Why It Matters: Ethereum’s recent run defied the slump seen in other major cryptocurrencies. This week, Steve Elrich, CEO of cryptocurrency exchange Voyager Digital Ltd. (OTC:VYGVF), said that the recent dip had allowed altcoins like ETH to gain “popultarity.”
Television host Jim Cramer said earlier in the week that he was “going to continue to buy Ethereum.“
Read Next: Ethereum Co-Founder On Bitcoin Says, ‘You Have To Upgrade The Damn Thing’
For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to our YouTube channel.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights
reserved.