Deceptive Crypto Market Signals: ETH Weakness and Stifled Rally

IconCryptoNewsTerminal Staff24 Jul, 2024

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Deceptive Crypto Market Signals: ETH Weakness and Stifled Rally

10X Research has cast doubts on the sustainability of the crypto market rally, citing the lack of positive catalysts and weakness in Ethereum (ETH). ETH, the second-largest cryptocurrency, has shown signs of vulnerability, according to the firm. Key indicators, such as the influx of new users, continue to show negative trends. The rally sparked by the launch of the ETH spot exchange-traded fund (ETF) has also faded, 10X Research noted. This follows a similar pattern observed with the launch of the Bitcoin (BTC) spot ETF, where buying on rumors and selling on news dominated. Moreover, the combination of the ETH spot ETF and the upcoming Mt. Gox refund could exert downward pressure on the crypto market, the research firm warns. These factors could undermine the current rally and limit its upside potential.

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