Bitcoin (BTC) may be facing a possible short-term reversal, following recent price increases. Ether (ETH) futures exchange-traded funds (ETFs) have also been underperforming, adding to the gloom in the crypto market.
According to a CoinDesk report on Thursday, FxPro senior market analyst Alex Kuptsikevich warned, “Bitcoin continues to tend to sell on growth, failing to make a fresh attack on the 200-day moving average.” He further stated, “In the short term, bitcoin seems more at risk of falling than rising.”
Kuptsikevich also mentioned the lackluster performance of ether’s ETFs, stating that it did not inspire much confidence in the top tokens. Last week, six ETH ETFs were launched in the US, with traders anticipating high demand. However, trading volumes were disappointing, with less than $2 million traded across the various ETFs on Monday. This poor performance led analysts to revise their bullish outlook and turn to bitcoin investments instead.
As a result, ether’s prices have lost almost all of their gains from the past week, while bitcoin has managed to stay above its support levels. Over the past 24 hours, there has been little movement in major cryptocurrencies due to profit-taking earlier this week and a lack of catalysts.
Bitcoin fell by 0.5%, and ether slid by 1%. XRP and BNB Chain’s BNB remained relatively unchanged. The only major cryptocurrency to see growth was Cardano’s ADA tokens, which saw a 2.2% price increase.
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