On October 22, Bitcoin (BTC) held close to $60,000 after the largest altcoin (ETH) failed to set new records.
BTC/USD 1-hour candlestick chart (bit stamp). Source: TradingView
Exceptionally high level of ETH? blink and you miss
Cointelegraph Markets Pro and TradingView ETH/USD data perfectly matches its record of $4,380 on Bitstamp before it saw a sharp drop.
Traders have been anxiously watching that Ethereum appears to be following Bitcoin to new historical levels, only to encounter immediate resistance and return to a lower range.
A trader and analyst at Rekt Capital described the event as a “complete rejection of the picture.”
At the time of writing, ETH/USD is hovering at $4,150, holding $4,000 in support, with the exception of a sudden drop that immediately followed in the wake of an all-time high rematch.
ETH/USD 1 day candlestick chart (bit stamp). Source: TradingView
Compared to Bitcoin, Ethereum has fared better, with the ETH/BTC pair jumping around the lows at the end of July.
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Likewise, because they failed to sustain much higher levels, Bitcoin took a long breather as the overheated markets calmed the tensions.
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Funding rates fell on Friday, reaching a level reminiscent of a peak in April.
Bitcoin finance price chart. Source: Bybt
But, as with open interest, they were not as aggressive as they were in the second quarter, which reached a record high of $64,900 as of this week.
“This means that there may still be room for more euphoria at the top, but we are at levels that are beginning to expand the market,” cryptocurrency exchange QCP Capital commented in its latest market review.