INSUBCONTINENT EXCLUSIVE:
Ether was about $160 below its November 10 all-time high of $4,866.New Delhi: Technical indicators suggest the rally in Ether, the
second-largest cryptocurrency, is due a breather after a record-breaking run.The native token of the Ethereum blockchain is up more than
six-fold this year, topping Bitcoin's 127% rise amid speculative fervor for digital assets
Upgrades to the Ethereum network and its popularity for so-called decentralized financial services and digital collectibles also boosted
Ether demand.The virtual currency was about $160 below its November 10 all-time high of $4,866 as of 2:10 p.m
in Singapore on Monday.Ether has consolidated in the last few days and the longer term view is bullish, according to Vijay Ayyar, head of
Asia Pacific with crypto exchange Luno in Singapore
Altcoins are key tokens other than Bitcoin.One note of caution comes from a study built on Fibonacci ratios, proportions found in nature
to September surge that subsequently petered out
Some analysts view this symmetrical pattern as portending a similar pullback now.A widely followed DeMark indicator, which tries to
Ether has printed the maximum 13 count that likely presages a pullback, according to the analysis
One key level to watch for is $4,998 -- overcoming that mark implies unexpected Ether strength and the study would reset.Cryptocurrencies
have delivered some of the highest returns in markets in 2021 -- for instance, the Bloomberg Galaxy Crypto Index is up about 262% over the
But the sector's notorious volatility remains a bone of contention and regulators are tightening oversight.
