Ethereum Fails to Hold Breakout as Bitcoin Soars
On Saturday, Ethereum (ETH) failed to capitalize on its breakout above $2413.09, a move that was expected to cement its leadership in the crypto market. The price dropped by 4.1% while Bitcoin's rise was more subdued at 1.7%. This marked the session where ETH was supposed to take the lead.
Despite the initial enthusiasm around ETH's breakout, the subsequent sell-off suggests that the market may not be as confident in its leadership as previously thought. The funding rate remains low at 0.01%, and there were no liquidations, indicating a lack of institutional interest in buying up the asset at this price level.
Furthermore, Bitcoin's network activity is thriving, which could be contributing to ETH's struggles. The Ethereum sponsorship that was expected to propel ETH to new heights has seemingly walked off.