The crypto market is mostly bullish with BTC trading to highs of $44,900. However, Monday was memorable for Ethereum (ETH), being the D-Day for Ethereum Futures. Ethereum broke out to a new all-time high of $1,763 on Feb. 5. Ethereum bulls took a break thereafter as ETH price eased from an intraday high of $1,745 on Feb 6 to lows of $1,493 the following day. ETH/USD bulls jumpstart a fresh move as seen in a rebound to intraday highs of $1,740 on Feb. 8. Ranking 2nd largest by market cap, Ethereum’s market valuation now stands at $189 billion with a trading volume of $41.4 billion in the past 24 hours. At the time of writing, Ethereum is exchanging hands at $1,725, up 4.15% on the daily and 24.69 % weekly. CME Ethereum futures goes live on Feb. 8 with 50 units in a lot. CME’s ETH future listing causes a chasm within the crypto space regarding an incoming price crash. Alex Kruger, a crypto analyst stated he does not expect a big dump in ETH after the launch like that of CME Bitcoin listing in 2017 due to the market being “now more mature”.
*ETH price eased from an intraday high of $1,745 on Feb 6 to lows of $1,493 the following day
*Ethereum is exchanging hands at $1,725, up 4.15% on the daily and 24.69 % weekly
*CME Ethereum futures goes live on Feb. 8 with 50 units in a lot
Resistance Levels: $2,000, $1,920, $1,750
Support Levels: $1,500, $1,350, $1,200
ETH/USD Daily Chart: Bullish
ETH/USD Daily Chart
Falling short of the first major resistance level at $1,750, ETH bulls haven’t lost hopes in their bid to $2,000. Both moving averages 50 and 200 are sloping up and the RSI in the positive zone indicates that the bulls are in control. The major resistance range after $1,750 must be first surmounted by the bulls. Another major resistance sits at $1,800. Barring further upside move, Ethereum may face key resistance at $1,920.
On the contrary, if the price turns down due to the resistance around $1,750, support is envisaged at $1,600. If this caves in, ETH may retest support at $1,550. ETH/USD bullish outlook will invalidate if the pair breaks below the ascending trendline at $1,493. Such a move may cause declines to $1,150 located at the MA 50.
ETH/USD 4-Hour Chart: Bullish
ETH/USD 4-Hour Chart
ETH kickstarted a rebound when it embraced support beneath the 4 hour MA 50 at $1,493. ETH extended its bullish leg higher today to intraday highs of $1,740 as CME futures go live. The next target on the upside is $2,000. However, ETH must surmount the recent high at $1,763 to trend higher.
On the contrary, a crash in Ethereum price following the listing of CME’s ETH futures could cause a price collapse below the MA 50 support at $1,550. A plunge beneath the ascending trendline support at $1,350 will invalidate the bullish outlook leading to a decline to the MA 200 support at $1,325. The ETH/USD pair is only bullish while trading above $1,550, key resistance is found at the $1,750 and $1,800 levels.
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