Ethereum (ETH) defies gravity with a 10% growth amid rumors of CFTC ready to approve ETH futures

ETH/USD hit $184.00 during early Asian hours extending a strong bullish momentum of the previous trading day. The second largest digital asset has gained over 10% in recent 24 hours and over 4% since the beginning of the Asian trading. At the time of writing, ETH/USD is changing hands at $181.80, moving within a short-term bullish trend amid high volatility. 

Looking technically, a strong support awaits ETH on approach to $174.00 (23.6% Fibo retracement). Ir is followed by $172.00 with a middle line of 1-hour Bollinger Band located on approach to this barrier. An ultimate support comes at $166.30-$166.00, created by a strong confluence of SMA5 and SMA100 (1-hour) as well as 38.2% Fibo retracement. 

What’s going on 

The US Commodity and Futures Trading Commission (CFTC) is ready to approve Ethereum-based non-deliverable futures once an applicant satisfies all the required conditions, CoinDesk reports citing a high profile officer. 

The approval of non-deliverable ETH futures will turn CFTC into a primary watchdog for the Ethereum markets and allow institutional players to deal with the second largest digital asset safely and in compliance with the regulatory requirements.

“I think we can get comfortable with an ether derivative being under our jurisdiction,” said the person, to CoinDesk on condition of anonymity.

Meanwhile, the market participants believe that CFTC approval will have a positive effect on general market sentiments and may encourage the US Securities and Exchange Commission (SEC) to approve cryptocurrency ETFs.

ETH/USD, 1-hour chart