Ether to Face Another Selloff
Ether is going down on Wed Sep 26, trading around $213.07. The crypto recently lost 2.80% of its value. As the Chief Analyst at RoboForex Dmitriy Gurkovskiy says, the selloff started three days ago.
Today, however, Ether’s outlook is somewhat more positive, as on Tuesday Buterin’s currency was around the support of $204. Still, on H1, there are two clear bearish trendlines: at $220 and $234, and this is also confirmed on D1.
In order to recover a bit in the coming days, the digital coin has to at least get above $224 and $228. Meanwhile, Ether is being under even a more serious pressure against BTC, which means the selloff for Ether is massive.
For now, the key support for Ether is at $204, while the major resistance is around $224.00. The MACD is moving along the signal line in the negatives, thus continuing to issue a sell signal. Meanwhile, the Stochastic is falling in the positives and is confirming a sell signal, too.
Fundamentally, what may generate interest is LedgerX launching Ethereum-based products. LedgerX previously implemented Bitcoin swaps and options and is now ready to do the same with Ethereum. This, however, must be first approved by the Commodity Futures Trading Commission (CFTC). Rumor has it that such an approval is going to take place on Oct 5, when the authority is meeting.
LedgerX is very quick at launching the products: with Bitcoin derivatives, it managed to do that before the CBOE and the CME, and now is also the first to run Ether products on its platform. By the way, the CBOE is likely to run Ether futures, too, but is going to launch them at the end of the year.
LedgerX is going to offer 1D futures and options that will give a right to buy Ether at a specified price in the future. For the very volatile crypto market, this is a very engaging offer.
Other important news comes from JP Morgan; one of the leading global banks started testing the Ethereum-based Quorum platform. This is not a very much positive piece of news, though, as this platform is private.
Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.