Ethereum is definitely the coin of the day, as its price has soared by more than 10% over the last 24 hours. As we mentioned above, the reason of such a rise is the decision of CFTC to start trading Ethereum futures.
In addition, a derivative Ethereum-based contract can improve the pricing characteristics of the asset, as well as increase investor confidence in the cryptocurrency, since regulators will need to oversee transactions.
Analyzing the hourly chart, ETH rate rocketed and could even reach $190, however, then a rollback followed. Currently, the quotes are trading near the 61.8% Fibonacci level, meaning that the asset is more overought than oversold.
In terms of the nearest price Ethereum may reach, the rate may drop to the $177 mark before moving up again.
In addition, a derivative Ethereum-based contract can improve the pricing characteristics of the asset, as well as increase investor confidence in the cryptocurrency, since regulators will need to oversee transactions.
Analyzing the hourly chart, ETH rate rocketed and could even reach $190, however, then a rollback followed. Currently, the quotes are trading near the 61.8% Fibonacci level, meaning that the asset is more overought than oversold.
In terms of the nearest price Ethereum may reach, the rate may drop to the $177 mark before moving up again.
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