While cryptocurrencies began the week swinging between gains and losses, the outlook might not be too optimistic for some of the biggest digital assets.
A tool used by technical analysts called the GTI VERA Convergence Divergence Indicator that detects trend reversals is flashing a sell signal for Ether, with the longest buying trend since October ending for the third-biggest digital currency. The shift could foreshadow a negative turn for Bitcoin, which is close to a trend reversal as well.
Ether slipped as much as 9.5 percent to $113.49 in New York, the fifth decline in six trading days, before moving higher. Bitcoin, the biggest digital asset, slumped as much as 4.5 percent to $3,487, the lowest level since Dec. 18, before recovering to be little changed. XRP, which has surpassed Ether as the second-largest coin, fell as much as 5.7 percent to around 32 cents.