Ethereum price analysis: May rally a bit more; CBOE to launch ETH futures by year end

Resistances abound, not far off.
CBOE to launch ETH futures by year end.

Manoj B Rawal Independent Analyst

Ethereum, the second largest cryptocurrency by market capitalisation with an ambition to be numero uno, is gaining strength bit by bit, but has some tests to pass before it can gain long term power to rally past its bigger rival.

ETH/USD is up nearly 2 percent on day at $286.67, after hitting a high of $289.12, just under a descending trendline resistance on the 240-minute chart. Even if it manages to cross past this one, there's another one just above this line, $295 which is another descending trendline resistance.

One news that can somewhat help the bulls is announcement by CBOE to launch ETH futures by the end of 2018, as reported by Business Insider in this article. Although it is worth noting that last year, after Bitcoin futures went live in December, prices came crashing down in a span of few weeks and have still not been able to recover fully from those heavy losses.

ETH/USD 240-minute chart:

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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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