-Ether and Bitcoin reached their highest levels in 10 days on Sunday as the market showed some signs of stabilization.
The No. 2 cryptocurrency advanced as much as 5.8% to $1,279.06 on Sunday before pulling back on Monday morning Asia time. The rally comes after the token dropped as low as $880.70 on June 18. It appears to have found support around its 200-week moving average, which currently sits near $1,200.
No. 1 Bitcoin topped out on Sunday at $21,860, after having fallen as low as $17,742.83 on June 19. Overall crypto market capitalization retook the $1 trillion level on Saturday, according to data from CoinGecko, though it was sitting a bit below that as of 9.20 a.m. Singapore time on Monday.
Ether “is leading the way following sizable short liquidations,” Fundstrat said of the crypto rally in a note Friday. Data from CoinGlass show there were about $60 million of short liquidations in Ether on Friday, the most in five days.
A major options expiration on Friday had been watched as a potential source of volatility. However, “short risk cleared surprisingly efficiently” for Ether amid “perhaps unexpected stability,” Genesis Trading’s Ainsley To, Gordon Grant and Noelle Acheson wrote in a note.