Ethereum Price Forecast: ETH rebounds as CME launches Ether futures
- ETH/USD keeps bounce off 50-bar SMA despite latest pullback.
- CME launches Ether Futures with 50 units in a lot.
- Receding bearish MACD, upbeat RSI favor bulls eyeing short-term resistance line.
ETH/USD eases from intraday top of $1,633 to $1,604 during early Monday. Even so, the altcoin keeps its bounce off 50-bar SMA as the Chicago Mercantile Exchange (CME) launches Ether Futures.
With the 50 Ether in a lot, coupled with six consecutive contracts, inclusive of the nearest two December contracts, ETH is finally reaching the top line to entertain the crypto traders.
Not only the fundamental news suggesting the wide scope of volatility and more room for the bulls, but the quote’s sustained trading beyond 50-bar SMA also favor ETH/USD buyers to justify the receding strength of the bearish MACD and strong RSI conditions.
As a result, ETH/USD is on the way to attack a downward sloping trend line from Friday, at $1,675 now, before targeting the latest record top of $1,763.93.
Even if the quote drops below 50-bar SMA immediate support of $1,535.00, a confluence of 100-bar SMA and an ascending support line from January 22, currently around $1,428, will be a tough nut for the ETH/USD sellers’ entry.
Overall, ETH is up for a new game following its CME reach and hence wider horizons await the altcoin buyers.
ETH/USD four-hour chart
Trend: Bullish
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
