Ethereum Price Holds Steady After Briefly Surpassing Bitcoin in Trade Volume

Bitcoin’s ongoing correction entered the next phase overnight, as the most valuable cryptocurrency got smacked lower following the rejection of the proposed ETF of the Winklevoss brothers. The sell-off was widespread, with the top altcoins also getting hit hard, and the segment quickly lost more than $10 billion in market cap, with the total value of the coins dropping below $290 billion.

The overbought momentum readings that developed in Bitcoin’s market during the recent surge are almost cleared now, but for now, there is still no sign among of strength in the rest of the market that would point to a broader rally.

That said, just looking at Bitcoin’s short-term outlook, another leg higher could be ahead, and our trend model will also likely switch to a buy signal, should the coin respect the support zone just below the current prices. Despite that, traders should remain cautious with new positions here, as most of the major altcoins are still on sell…