Ethereum price analysis: ETH/USD stuck within a ranging channel as Thomson Reuters starts a real-time tracker for cryptos

CME Group is partnering with Crypto Facilities exchange to create a daily benchmark for Ethereum price.

ETH/USD upside is capped at the $735 intraday high.

Ethereum price is sitting comfortably above $720 on Tuesday, although it is up more than 3% in the last 24 hours. The cryptocurrency is trading lock-step but the movements have been locked within a ranging channel as observed on the charts.

Thomas Reuters in its latest press release has announced that it will be launching a real-time virtual currency data feed called Cryptocurrency Real Time Rates. The data will be coming from at least six crypto exchanges. Some of these exchanges include bitFlyer and BITpoint among others. When it comes to Ethereum, CME Group will be partnering with Crypto facilities exchange to develop an everyday benchmark for Ethereum price.

Ethereum price is trading below the bullish trend line, besides a downward moment I in progress which could see the price test the immediate support level at $725. On the upside, the resistance has limited the gains at $735 intraday high. The RSI is at the 40 mark while it is pointing south. On the other hand, the moving averages gap is narrowing on the 15’ timeframe chart. Further down, the next support targets are $720 and $700 respectively.

ETH/USD 15’ chart



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.