Crypto Markets Analysis: Ether has begun to cut into bitcoin’s relative gains year to date, but may pause at current levels. GWilliamsJr_CMT reports
The recent move has come despite muted price movements for the two cryptos and amid low volume, with bitcoin trading action 25% below its 20-day moving average and ether 33% below. Bullish ETH investors likely may be anchored to its now persistently deflationary status, with token supplies contracting by 240,000 since September.
Relative Rotation Graphs display the relative strength and momentum of assets to a central benchmark. In this instance, the S&P 500 serves as the benchmark, while the Nasdaq 100 and Russell 2000 also serve as analogs. The most recent RRG shows BTC and ETH falling into a lagging quadrant relative to all three indices.
A technical look at the ETH/BTC chart shows momentum increasing alongside the improved performance, with the Relative Strength Index up 13.6..
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