Bitcoin (BTC) and Ether (ETH) have turned down from their respective overhead resistance levels, suggesting that bears continue to sell on rallies.

New research in Australia suggests that the Ethereum Improvement Proposal (EIP) 1559 upgrade has turned Ether into a better store of value than Bitcoin. The report said the annual rate of increase in Ether’s supply since EIP-1559 is 0.98% compared to an increase of 1.99% in Bitcoin’s supply.

Demand for Ether has been on the rise following the surging popularity of nonfungible tokens, decentralized finance and Metaverse-related altcoins. Several analysts remain bullish on Ether and anticipate it to rally to the range between $6,000 and $10,000.

Daily cryptocurrency market performance. Source: Coin360

On-chain analytics firm Glassnode said that high open interest in the derivatives market and long-term holders selling could extend Bitcoin’s decline. The “open interest leverage in options and futures at or new all-time high” could result in a shakeout.

Could Bitcoin’s correction pull the entire crypto sector lower? Let’s study the charts of the top 10 cryptocurrencies to find out.