The much-anticipated launch of the CME product saw Ethereum rallying into new all-time highs above $1,500, along with increased social engagement. Accompanying Ether’s increased on-chain activity and surge in the gas fees. The launch of Chicago Mercantile Exchange’s (CME) Ether futures had more than $30 million worth of contracts traded in its first day. The latest product had over 388 contracts traded on its first day, with 303 of the contracts being mobilized to speculate on February’s price. Past Performance The past week has been good for Ethereum (ETH). After a bullish start, there was a brief price pullback on February 7, 2021. Thereafter, the bullish trend resumed. The opening price of ETH on February 5, 2021, was $1594.79. ETH closed at $1785.62 on February 11, 2021. The price has surged by approx. 12% in the past week. As the DeFi market continues to grow, we can expect the Ether price to rise with it. There has been a hike in the Ether gas fees. Whether or not it will have a bearing on the ETH price is yet to be seen. In the past 24 hours, ETH has been trading between $1717.83-$1819. https://ift.tt/3b08Nwm How ETH Picks Up Momentum Today Currently, ETH is trading at $1763.23. The price has fallen from the opening price of $1785.83. However, the price is above the SMA and EMA lines. Hence, it can start rising again. In the past 24 hours, the A/D and OBV indicators have fallen and so has the price. But, now all three of them have started gradually rising. Buying volumes are picking up. In short, the market is rising again after significant price corrections. The RSI indicator is at 51% now. A couple of hours back it was as low as 20% indicating that selling pressures were very high. Now, it has rallied implying that buying activity has increased. Buying pressures may soon overtake the market and a price uptrend will set it. The MACD and signal lines are negative indicating bearish momentum. But, a bullish crossover by the MACD line over the signal line points towards a potential trend reversal. Price adjustments are still occurring. The AO indicator has turned positive after being negative for a few hours. Thus, buy signals are becoming stronger. Moreover, the Aroon up line has crossed above the Aroon down line. Thus, we can expect a price uptick. The EOM and price are moving upwards. Hence, the price will rise with relative ease. However, the ADX indicator was rising but since the past few moments, it is declining again. Thus, the price uptrend is not strong enough. The market still doesn’t have enough breath for a bullish trend to sustain. The current price is below the Fibonacci pivot point of $1774.15. If it falls up to the first Fibonacci pivot support level of $1735.50, then the bearish momentum will continue. Presently, the price has fallen below the 38.2% FIB retracement level of $1756.48. If the price falls below the 23.6% FIB retracement level of $1741.71, then the bearish trend is strong. However, since many indicators have pointed towards a trend reversal, we can expect the price to move upwards in some time. By the end of the day, even if the price crosses the Fibonacci pivot point, we can expect a bullish trend tomorrow as well.
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