EtherLite Must Attract More Traders To Gain Traction EtherLite failed to gain upside momentum and remains under pressure while Ethereum is moving towards all-time high levels.EtherLite is a hard fork of Ethereum which has began to trade on exchanges this summer.Often, such projects benefit from the popularity of the original project as traders rush to buy all coins that look “similar” to the original coin, sometimes without digging deep into fundamentals and relying solely on hype.Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose.Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary.A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us.Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded.Standard account offer spreads from 1 pips with no additional commission charges.
Spreads on CFD indices start at 0.4 points.The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.However, Ethereum’s popularity failed to provide any support to EtherLite in recent weeks.Ethereum has recently managed to settle above the resistance at $3,775 and moved towards the psycologically important $4,000 level.
Ethereum has already made several attempts to settle above $4,000 but failed to develop sufficient upside momentum.Meanwhile, Bitcoin managed to get above the key resistance level at $50,000 and is testing the next resistance at $51,500.
A move above this level should provide broad support to crypto markets, but it remains to be seen whether it will help EtherLite which suffers from lack of popularity.Technical Analysis The market for EtherLite is fragmented and trading volume is low, so it’s hard to talk about significant technical levels.At the same time, it should be noted that EtherLite is trading close to a material support level, and a move below this level may trigger and additional sell-off, although it remains to be seen whether there is a sufficient number of active traders to make fast moves possible.EtherLite project needs to attract more traders to have a chance to gain upside momentum.At this point, the trading volume is so low that it cannot attract a sufficient number of speculators who prefer more established coins.This is true for hundreds of similar projects that fight for traders’ attention – if they cannot attract some “critical mass” of trading volume, they fail.In this environment, Ethereum’s strength may even serve as a bearish catalyst for EtherLite as traders have no reason to prefer the illiquid coin to an established and highly liquid project which is racing towards its all-time high levels.
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