Ethereum price analysis: ETH/USD sinks below the trendline; Ethereum futures are launched today

ETH/USD 6% down on the day, trading below trendline.
Ethereum futures will be launched later today.

Tanya Abrosimova Independent Analyst

Ehereum dropped below $700 handle and touched $680 on Friday trading amid massive sell-off on cryptocurrency markets. ETH/USD is now trading at $692, off the intraday low. While the market has calmed down, the bearish pressure is still evident as long as the coin stays below $700.

Cryptocurrency trading platform CryptoFacilities launches the first regulated Ethereum futures later today, which means that traders will have an expanded range of opportunities to trade the second largest digital asset. The exchange is a company, regulated by UK Financial Conduct Authority.

Such product as futures enables crypto traders to take both long and short positions in Ethereum and takes it another step closer to institutional investors.

Ethereum technical picture

ETH/USD broke below rising trendline from the upside movement started at the beginning of April. This is a bearish signal that means that more downside may be in store if the price fails to get back above $700 and $720 as soon as possible. The support is created by 100-DMA at $673 and 200-DMA at $663.

ETH/USD, the daily chart

Author

Tanya Abrosimova

Independent Analyst

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