Market Wrap: Cryptocurrencies Pull Back in Light Trading

"After spending almost three months in a state of fear and misery, the more comfortable 'Greed' area should be highly welcomed by tired [bitcoin traders]," Arcane Research wrote in a Tuesday report.

The last time the index rose from extreme lows was in July, which preceded a price rally. This time, however, the rise in BTC occurred on low trading volume, which indicates weak buying power. That could point to a short-term pullback or range-bound price action, especially as regulatory and macroeconomic headwinds remain.

"Towards the downside, $40,000 is the most important support level to pay attention to in the coming days," Arcane wrote.The chart below shows the recent pullback in ether relative to bitcoin, or the ETH/BTC price ratio. Over the past week, during the crypto rally, ETH's return has trailed BTC by about 1%. Despite the small return gap, technical breakdowns in ETH/BTC suggest relative weakness could persist over the short term.

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