Market Wrap: Cryptocurrencies Rally as Short Sellers Exit Positions

Ether, the world’s second-largest cryptocurrency by market capitalization, returned to above $3,000, and is up about 9% over the past week. Similar to bitcoin’s rise, ether’s uptrend is stabilizing as buyers gained momentum over the past few days. The next level of resistance for ETH is seen at around the $3,500-$4,000 range, which could limit upside over the short term.