ETH/USD: correction on the background of the launch of micro-fut
Current trend
Over the weekend, the ETH/USD pair corrected sharply downward in line with the general market trend. The price dropped below 3500.00 but then began an active recovery of positions.
The positive dynamics are facilitated by the launch by the Chicago Mercantile Exchange (CME) of trading in micro-futures based on ETH, in which each contract makes up a tenth of a token. Also, investors expect an early transition to the Ethereum 2.0 network, preparation for which is entering a critical stage. Yesterday, its founder, Vitalik Buterin, published an article in which he outlined his vision of the current situation and the developers' tasks at the last stage of the network creation. He noted that it was necessary to increase the scalability and decentralization of the network by providing the ability to create nodes for all users. At the same time, it is necessary to ensure the possibility of creating new blocks and checking chains even on devices with insignificant computing power, which are available to ordinary users.
In general, investors continue to hold back the asset before the upcoming large-scale updates, which contributes to the growth of its quotes.
Support and resistance
Currently, the price has returned to the resistance zone 4315.00–4375.00 (Murrey [6/8], Fibonacci retracement 23.6%, Bollinger bands' midline). Its breakout allows growth to 4687.50 (Murrey [7/8]) and 4800.00. The key "bearish" level is 4000.00 (Murrey [5/8], Fibonacci retracement 38.2%), which breakdown allows a decline to 3750.00 (Murrey [4/8], Fibonacci retracement 50.0%) and 3550.00 (Fibonacci correction 61.8%). Technical indicators do not give a single signal: Bollinger bands are directed horizontally, the MACD histogram is at the zero line, its volumes are insignificant, and Stochastic reverses upwards.
Resistance levels: 4375.00, 4687.50, 4800.00.
Support levels: 4000.00, 3750.00, 3550.00.
Over the weekend, the ETH/USD pair corrected sharply downward in line with the general market trend. The price dropped below 3500.00 but then began an active recovery of positions.
The positive dynamics are facilitated by the launch by the Chicago Mercantile Exchange (CME) of trading in micro-futures based on ETH, in which each contract makes up a tenth of a token. Also, investors expect an early transition to the Ethereum 2.0 network, preparation for which is entering a critical stage. Yesterday, its founder, Vitalik Buterin, published an article in which he outlined his vision of the current situation and the developers' tasks at the last stage of the network creation. He noted that it was necessary to increase the scalability and decentralization of the network by providing the ability to create nodes for all users. At the same time, it is necessary to ensure the possibility of creating new blocks and checking chains even on devices with insignificant computing power, which are available to ordinary users.
In general, investors continue to hold back the asset before the upcoming large-scale updates, which contributes to the growth of its quotes.
Support and resistance
Currently, the price has returned to the resistance zone 4315.00–4375.00 (Murrey [6/8], Fibonacci retracement 23.6%, Bollinger bands' midline). Its breakout allows growth to 4687.50 (Murrey [7/8]) and 4800.00. The key "bearish" level is 4000.00 (Murrey [5/8], Fibonacci retracement 38.2%), which breakdown allows a decline to 3750.00 (Murrey [4/8], Fibonacci retracement 50.0%) and 3550.00 (Fibonacci correction 61.8%). Technical indicators do not give a single signal: Bollinger bands are directed horizontally, the MACD histogram is at the zero line, its volumes are insignificant, and Stochastic reverses upwards.
Resistance levels: 4375.00, 4687.50, 4800.00.
Support levels: 4000.00, 3750.00, 3550.00.
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