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Crypto market stagnates as ETH shows optimistic signs

2021.02.25 Adam James

The cryptocurrency market is stagnating after a brief recovery, but ETH may be showing signs of life.

The cryptocurrency market is stagnating this morning after yesterday's recovery, with the total market capitalization declining by approximately 3.5% over the past 24 hours. As per data from CoinGecko, the price of BTC has declined by nearly the same percentage, while BNB and DOT have seen double-digit percentage losses in valuation.

The cryptocurrency market is struggling today after yesterday's recovery. Source: Coin360

Despite the stagnation in the markets, cryptocurrency traders remain extremely greedy, as per alternative.me's multifactorial crypto market sentiment analysis.

Historically, prolonged periods of exposure to extreme greed on the Fear & Greed Index led to harsh declines — though this hasn't been the case for months.

The cryptocurrency market is still extremely greedy, despite recent struggles. Source: alternative.me

DeFi market struggles to maintain TVL

The total value locked in decentralized finance has shaved another $1 billion since this time yesterday. It now stands at $37.55 billion, as per data from DeFi Pulse. Aave has seen the worst decline in TVL among major DeFi projects after dropping more than 6%.

Decentralized exchanges remain largely in line with each other. SushiSwap and Balancer have performed marginally worse than Uniswap and Curve Finance when it comes to losses in total value locked.

The total value locked in DeFi is struggling to recover after dropping this week. Source: DeFi Pulse

Top altcoin gainers and losers: FTM leads large-cap altcoins

  • PHA/USDT +103.12%
  • GAS/USDT +28.60%
  • DHT/USDT +23.63%
  • EGT/USDT -16.67%
  • BOT/USDT -16.79%
  • MASK/USDT -29.13%

The top performers on OKEx are once again altcoins with market capitalizations under $1 billion. The best-performing major altcoin with a market cap of over $1 billion is FTM, followed by WAVES, SUSHI and SNX

On the flip side, the worst-performing major altcoin is THETA, which dropped by more than 5%.

FTM is the top-performing major altcoin on OKEx today. Source: OKEx

BTC technical analysis: BTCUSDT finding resistance, as anticipated

As noted in the official OKEx Markets channel on Telegram earlier this morning, the price of BTC has rebounded about 15% from its low on Tuesday. However, BTCUSDT is still has met resistance at the ribbon of exponential moving averages on the four-hour time frame — as we noted may happen in yesterday's Crypto Market Daily.

The closest potential support sits underneath around 46,000 USDT, with 38,000 USDT waiting below. However, turning the four-hour EMA ribbon into support may inject more confidence into buyers and push the price of BTC back toward its all-time high of roughly 58,000 USDT.

OKEx's BTC/USDT 4h chart — 2/25. Source: OKEx, TradingView

ETH technical analysis: ETHBTC shows signs of life

ETHBTC is starting to show some early signs of life after putting in a lower high on the four-hour time frame. At the same time, it is challenging the four-hour EMA ribbon. Flipping the ribbon from resistance into support may signal a renewal of bullish optimism for the leading altcoin — and, in turn, could spur on another wave of "altseason."

OKEx's ETH/BTC 4h chart — 2/25. Source: OKEx, TradingView

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.