Ethereum’s Contract Holdings Slip 0.62% in 24 Hours As ETH Drops By 1.57%

According to BlockBeats, a professional blockchain research institution and information platform, the total Ethereum contract holdings on the entire network were reported at $14.798 billion, a 24-hour decrease of 0.62%. Citing data from Coinglass, the research institution also noted that the total Bitcoin contract holdings on the entire network are now reported at $36.566 billion, a slight decrease of 0.08% in 24 hours.

BlockBeats’ observation was reflected in Ethereum’s price, as the flagship altcoin experienced a slight pullback in the past 24 hours after rallying impressively in the past two weeks. TradingView’s data shows Ethereum slipped by 1.57% to trade for $3,490 at the time of writing, having rallied 25% in the past two weeks.

Ethereum’s recent rally pushed the top altcoin slightly above the $3,500 resistance level after recovering from a price slump that affected nearly the entire crypto market. The German government’s Bitcoin selloff triggered the blanket slump in crypto assets prices, with Ethereum dropping to $2,809. It is worth noting that Ethereum’s pullback also coincided with the resistance at the 0.618 Fibonacci level.

Similarly, Bitcoin’s price dropped 1% in the past 24 hours after a significant rally that lasted the last two weeks. The flagship crypto pulled back from a $67,617 local high to trade for $66,833 at the time of writing, according to data from TradingView.

Bitcoin’s slight pullback follows a 26% recovery from the dip triggered by the German government’s BTC selloff. However, Bitcoin’s bullish momentum remains intact, with the flagship crypto aiming for a potential return to its all-time high (ATH) levels.

The BTC daily chart pattern shows the crypto’s next significant resistance around $68,000. The top altcoin could aim for the current ATH by breaking above this level if it sustains the upside momentum.

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