• ETH/USD keeps bounce off 50-bar SMA despite latest pullback.
  • CME launches Ether Futures with 50 units in a lot.
  • Receding bearish MACD, upbeat RSI favor bulls eyeing short-term resistance line.

ETH/USD eases from intraday top of $1,633 to $1,604 during early Monday. Even so, the altcoin keeps its bounce off 50-bar SMA as the Chicago Mercantile Exchange (CME) launches Ether Futures.

With the 50 Ether in a lot, coupled with six consecutive contracts, inclusive of the nearest two December contracts, ETH is finally reaching the top line to entertain the crypto traders.

Not only the fundamental news suggesting the wide scope of volatility and more room for the bulls, but the quote’s sustained trading beyond 50-bar SMA also favor ETH/USD buyers to justify the receding strength of the bearish MACD and strong RSI conditions.

As a result, ETH/USD is on the way to attack a downward sloping trend line from Friday, at $1,675 now, before targeting the latest record top of $1,763.93.

Even if the quote drops below 50-bar SMA immediate support of $1,535.00, a confluence of 100-bar SMA and an ascending support line from January 22, currently around $1,428, will be a tough nut for the ETH/USD sellers’ entry.

Overall, ETH is up for a new game following its CME reach and hence wider horizons await the altcoin buyers.

ETH/USD four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price 1608.11
Today Daily Change -7.21
Today Daily Change % -0.45%
Today daily open 1615.32
 
Trends
Daily SMA20 1411.13
Daily SMA50 1128.33
Daily SMA100 827.44
Daily SMA200 601.66
 
Levels
Previous Daily High 1695.38
Previous Daily Low 1493.28
Previous Weekly High 1763.93
Previous Weekly Low 1271.31
Previous Monthly High 1477.3
Previous Monthly Low 715.22
Daily Fibonacci 38.2% 1570.48
Daily Fibonacci 61.8% 1618.18
Daily Pivot Point S1 1507.27
Daily Pivot Point S2 1399.23
Daily Pivot Point S3 1305.17
Daily Pivot Point R1 1709.37
Daily Pivot Point R2 1803.43
Daily Pivot Point R3 1911.47

 

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP