Crypto Update: Ethereum Hits $200, Leading Oversold Rally

The major cryptocurrencies are holding on to most of yesterday’s gains, despite the dip today in European trading. Ethereum is still above $200, Bitcoin is trading near $6500, while the other top coins are also off their recent lows. That said, the short-term outlook is still mixed, with several coins on sell and neutral signals in our trend model. Also, the broader declining trends are intact in the segment, with only Bitcoin and Monero on neutral long-term signals.

All eyes are still on ETH, as the moves of the second largest coins have been defining the trend in altcoins, with Bitcoin still being very stable compared to the volatility of the rest of the market. Given the steep drop of the past months and the oversold long-term momentum readings, a more durable bottom now might be in with regards to altcoins, and aggressive traders could play the buy the current short-term buy signals, but we still don’t advise full trading positions since volatility remains…