Ethereum’s Contract Holdings Slip 0.62% in 24 Hours As ETH Drops By 1.57%


Ethereum’s Contract Holdings Slip 0.62% in 24 Hours As ETH Drops By 1.57%

  coinedition.com 21 July 2024 17:46, UTC

According to BlockBeats, a professional blockchain research institution and information platform, the total Ethereum contract holdings on the entire network were reported at $14.798 billion, a 24-hour decrease of 0.62%. Citing data from Coinglass, the research institution also noted that the total Bitcoin contract holdings on the entire network are now reported at $36.566 billion, a slight decrease of 0.08% in 24 hours.

BlockBeats’ observation was reflected in Ethereum’s price, as the flagship altcoin experienced a slight pullback in the past 24 hours after rallying impressively in the past two weeks. TradingView’s data shows Ethereum slipped by 1.57% to trade for $3,490 at the time of writing, having rallied 25% in the past two weeks.

Ethereum’s recent rally pushed the top altcoin slightly above the $3,500 resistance level after recovering from a price slump that affected nearly the entire crypto market. The German government’s Bitcoin selloff triggered the blanket slump in crypto assets prices, with Ethereum dropping to $2,809. It is worth noting that Ethereum’s pullback also coincided with the resistance at the 0.618 Fibonacci level.

Similarly, Bitcoin’s price dropped 1% in the past 24 hours after a significant rally that lasted the last two weeks. The flagship crypto pulled back from a $67,617 local high to trade for $66,833 at the time of writing, according to data from TradingView.

Bitcoin’s slight pullback follows a 26% recovery from the dip triggered by the German government’s BTC selloff. However, Bitcoin’s bullish momentum remains intact, with the flagship crypto aiming for a potential return to its all-time high (ATH) levels.

The BTC daily chart pattern shows the crypto’s next significant resistance around $68,000. The top altcoin could aim for the current ATH by breaking above this level if it sustains the upside momentum.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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