FX.co ★ Technical Analysis of ETH/USD for February 15, 2021

Crypto Industry News:

The CME exchange announced in a tweet on Sunday that the ETH futures would appear at 18:00 ET on Sunday with "the first trade date on February 8".

The ETH CME futures contract was announced in mid-December and was received with great enthusiasm by investors. According to the contract details published on the CME website, the futures contracts are cash settled and based on the CME CF Ether-Dollar reference rate. Each monthly contract is 50 ETH - an amount worth approximately $ 78,000 - with a minimum deal size of five contracts.

In a tweet on February 7, analyst Alex Kruger said the futures launch was accompanied by optimism given the overall institutional demand for ethereum, which he added is a "beta" asset following bitcoin.

Ryan Watkins of Messari agrees. It claims that the market conditions are currently very different to those we dealt with in 2017 and the institutions will not be rushing to sell ETH.

Technical Market Outlook:

The ETH/USD pair has made a new all time high at the level of $1,873 and then reversed lower towards technical support located at $1,677. This low was violated during the sell of and the new local low was made at the level of $1,650. The market made a Pin Bar candlestick pattern as the levels below $1,700 were bought back up and the market is currently trading around the level of $1,750 again. The up trend is intact and the next target for bulls is seen at the level of $1,900.

Weekly Pivot Points:

WR3 - $2,286

WR2 - $2,080

WR1 - $1,977

Weekly Pivot - $1,768

WS1 - $1,663

WS2 - $1,454

WS3 - $1,346

Trading Recommendations:

The up trend on the Ethereum continues and the next long term target for ETH/USD is seen at the level of $2,000, so any correction or local pull-back should be used to open the buy orders. Please notice, the up trend starting to go vertical, so the volatility will be higher than average. The bullish scenario is valid as long as the level of $830 is broken.