Ethereum price analysis: ETH bounces from the lows, but needs some more push; CME to launch two ETH products

ETH manages to bounce along with its larger peer, but stalls.
CME says it would launch two ETH products.

Manoj B Rawal Independent Analyst

Second largest cryptocurrency by market capitalisation, Ethereum, manages to bounce off the lows of the day with some force, but only to find some barrier ahead as bulls lacked enough strength to take it to even higher levels.

ETH/USD is currently trading mildly positive at $731.55 after hitting day's low of $685.12, earlier in the day. ETH faces some resistance on the 60-minute chart in the form of descending trendline drawn from recent lower highs, unless crossed it would continue to languish.

One of the key developments for ETH though is that the U.S. exchange operator CME announced it would launch two new Ethereum products, Ether Reference Rate and Ether Real-Time Index in partnership with cryptocurrency trading platform Crypto Facilities.

"We are focused on establishing the index and reference rate for the foreseeable future, and do not currently have plans to launch a futures product, " said a CME spokesperson.

ETH/USD 60-minute chart:

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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