Bitcoin (BTC) stayed closer to $ 60,000 on October 22nd after the largest altcoin, Ether (ETH), failed to cement new all-time highs.
ETH all-time high? Blink and you will miss it
Cointelegraph Markets Pro and TradingView ETH / USD data just hit the record high of $ 4,380 on Bitstamp before getting a hard rejection.
Traders watched intently as Ethereum appeared to follow Bitcoin to historic new levels, only to encounter immediate resistance and drop sharply into lower territory.
We couldn’t even celebrate $ ETH ATH for more than 30 seconds
Lmfao ruthless market maker
– Johnny (@CryptoGodJohn) October 21, 2021
The trader and analyst Rekt Capital described the event as a “perfect rejection”.
At the time of writing, ETH / USD was hovering around $ 4,150 and holding on to $ 4,000 as support, with the exception of a lightning slump that immediately followed the rematch with the all-time high.
Ethereum fared better versus Bitcoin, with the ETH / BTC pair bouncing near the lows last seen in late July.
Bitcoin could experience “additional topside euphoria”
Since Bitcoin could not hold significantly higher levels either, he took a longer break himself as the overheated markets cooled their excitement.
Similar: Too popular: Bitcoin futures ETF threatens to reach the upper limit for contracts
Funding rates normalized on Friday after reaching a state reminiscent of the April blow-off top.
However, as with open interest, these weren’t as hectic as the second-quarter rush, which hit the all-time high of $ 64,900 by this week.
“This means that there may still be room for additional euphoria upwards, but we are at a level that is slowly expanding the market,” commented crypto trading company QCP Capital in its latest market update.