Ethereum price analysis: ETH/USD creeps above $700 handle, further upside seen limited

ETH/USD stays marginally above $700, down 4% on the day
Ethereum furures are live, but the market doesn't care.

Tanya Abrosimova Independent Analyst

Ehereum is down 4% on the day amid generall sell-off on the cryptocurrency market. The second largest coin by market value tested $687 low during Asian hours before returning to the area above $700 by the time of writing.

The bearish pressure is still strong, but if ETH manages to stay above $700 handle, the short-term picture will be improved.

CryptoFacilities trading platform launched ETH/USD futures trading on Friday, offering weekly, monthly and quarterly contracts. Weekly contracts are trading at $700 with trading volume 2.4M contracts.

The event didn't produce much effect on short-term ETH movements, shaped by overall sentiments on the cryptocurrency markets, but in the long run, it might attract more liquidity to Ethereum.

Ethereum technical picture

From the longer-term perspective, ETH/USD oscillates between 38.2% ($832) and 23.6% ($652) Fibo retracement levels of the decline from $1593 to $361. The support area is strengthened by 100 and 200-DMA ($665 and $669 respectively), though, if it is broken, the sell-off may be extended towards $600 handle and $567 (50-DMA). On the upside, a move beyond $800 and $832 will signal the recovery towards $970.

ETH/USD, the daily chart

Author

Tanya Abrosimova

Independent Analyst

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