Ethereum Shows Brief Rally Before Market-Wide Crypto Decline

Ethereum Rallies to $2,850 Amid Market Division and Memecoin Volatility

  • ethereum’s price briefly touched $2,850 before retreating to $2,730, maintaining a 2% gain while broader market declined.
  • Current ETH rally patterns mirror January-February movements that preceded significant market corrections.
  • Futures market shows growing trader interest in ETH, with 12% increase in open interest reaching 9.27 million contracts.
  • Memecoins LIBRA and BROCCOLI volatility affected rival layer-1 network tokens negatively.
  • Analysts divided on ETH’s movement: some see temporary rotation while others suggest potential long-term bottom against BTC.

Ethereum‘s price movement created market tension Monday as the second-largest cryptocurrency briefly rallied to $2,850 before settling at $2,730, maintaining modest gains while Bitcoin retreated from $97,000 to $95,500 during a holiday-thinned U.S. trading session.

- Advertisement -

The pattern mirrors concerning precedents from earlier this year. Similar price action in late January and early February preceded a significant market downturn, where ETH plunged 35% to near $2,000 after initially rising 10% to $3,400.

Market sentiment remains divided. CoinPanel CEO Aran Hawker downplayed the significance, telling CoinDesk: “ETH’s recent price action isn’t an outperformance — it’s more of a catch-up to where it should be.” However, LMAX Group strategist Joel Kruger suggested possible long-term implications: “There is evidence of ETH potentially wanting to finally put in a major bottom against bitcoin after downtrending since 2021.”

Futures market data from CoinGlass showed surging interest in ETH positions, with open interest climbing 12% to 9.27 million contracts (approximately $2.6 billion) across exchanges, primarily driven by offshore platforms Binance and Gate.io. Meanwhile, BTC futures saw only a 1% increase.

The broader cryptocurrency landscape faced additional pressure from memecoin volatility, particularly Argentina‘s LIBRA on Solana and BROCCOLI on BNB Chain – the latter inspired by former Binance CEO’s pet name revelation – which negatively impacted competing layer-1 blockchain network tokens.

- Advertisement -

✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.

Previous Articles:

- Advertisement -

Latest News

AI Chatbots Hijacked as Stealthy Attack Proxies

Major AI platforms like Microsoft Copilot and xAI Grok can be exploited as stealthy...

Tesla’s AI Shift, Not Cars, to Drive Growth: Analysts

Analysts at Wells Fargo maintain an "Underweight" rating on Tesla (TSLA) but are bullish...

BitMine Buys 45,759 ETH as Bullish Tom Lee Eyes 2026

BitMine purchased $91 million in Ethereum last week, expanding its massive holdings to 4.37...

Anonymous Whale Nets $7M Shorting Crypto Crash

An anonymous crypto trader nicknamed “0x58bro” accrued $7 million in unrealized profits by shorting...

Ethereum user loses $600K to address poisoning scam

An Ethereum user lost $600,000 to an 'address poisoning' scam on Tuesday, February 17,...

Must Read

7 Best Audiobooks on Cybersecurity

Cybersecurity has become an essential topic in our increasingly digital world. As technology evolves and becomes more integrated into our daily lives, the importance...
🔥 #AD Get 20% OFF any new 12 month hosting plan from Hostinger. Click here!