Ethereum (ETH) is up over 5 percent in the last 24 hours but has been falling in value against Bitcoin, which rallied over nine percent in the same period to reclaim a five-figure valuation. Ethereum on the other hand, is currently worth $180.
The second-biggest cryptocurrency hit a high today of $183, after it broke above its $175 resistance yesterday–its price had been flat since the downturn in crypto markets that started on August 28.
After initially breaking upwards in tandem with Bitcoin yesterday, the project that has been at the center of the recent boom in DeFi (decentralized finance) applications saw its price lose ground against the Bitcoin.
While it rose against the dollar, it fell by more than 5 percent against Bitcoin from a high of 0.018 BTC to its current level of 0.017 BTC per ETH.
At the time of writing, the project, that was recently blessed as 'halal', looks set form a number of "lower-highs" since the asset hit a top of $350 in late July. This suggests that it is in a downward trend.
If the current assent is to continue, the price will need to break up and above overhead resistance levels of firstly $190 and then the psychological mark of $200.
In the current climate, it seems like all the momentum in crypto markets is currently with Bitcoin that has not only broken up above $10,000 but at the same time has hit a recent high of 70 percent market dominance over the altcoin market.
With Bakkt-futures set for a long-awaited launch on Septemeber 23 and the start of testing on Binance's own Bitcoin futures offering—this trend looks to continue.