Ethereum’s ether (ETH) showed strength through the weekend, spurring investor hopes of a break in its lackluster price performance, only to foreshadow a market-wide decline.
In a muted trading session due to the U.S. holiday, ether ground as much as 7% higher to a Monday session high of $2,850, outperforming the rest of the crypto market. Then, it gave up most of the gains, dropping back to $2,730 as the broader market fell, with bitcoin (BTC) falling to $95,500 from just above $97,000. Still, ETH held onto its 2% advance over the past 24 hours, while the CoinDesk 20 Index and BTC were about 2% lower.
Traders were quick to point out past occasions, like late January and early February, when a brief ETH rally foreshadowed broader weakness in crypto prices. Then, ether’s 10% rally to $3,400 in three days ended in an ugly capitulation event over…
