Ethereum Price Analysis: ETH/USD Gazes Towards A Breakout $300, Why Are Ether Options Surging?
- Ethereum options market gain traction as anticipation for ETH 2.0 launch continues to grow.
- ETH/USD renews the bearish pressure under $240 after resistance at $242 (intraday high).
Ethereum price is among the best performers in the cryptocurrency market on the day. The weekend session was very eventful, especially for bulls as they extended the price action above $240. However, the critical $250 level was not tested, resulting in a break under below $240.
In the meantime, Ether is valued at $238.11 while dealing with the resistance at the 61.8% Fibonacci retracement level of the last swing high of $287.28 to a swing low of $101.02. If buyers manage to reclaim the position past $240, the trend towards $250 and later $300 could be renewed.
Ethereum Options Surging
Ethereum options market continues to gain traction on supporting cryptocurrency exchanges. The options on Deribit and OKEx exchanges recently hit all-time highs. The growth in the options is attributed to the anticipated Ethereum 2.0 upgrade. It is believed that this upgrade, also known as Serenity will make Ethereum stand out among its peers. For instance, the network will be able to support over 1,000 transactions per second, allow the staking of Ether, and migrate to the Proof-of-Stake algorithm.
Ethereum Price Technical Analysis
Ethereum is dealing with increased seller congestion at $240. The longer the price stays under this level, the stronger the bears become. According to the RSI, buyers are currently in control but they lack a catalyst to pull upwards. Moreover, other buyers are not yet convinced that Ethereum can sustain gains above $240 due to the low volume. The Elliot Wave Oscillator hints that bullish action could continue in the course of the trading on Monday.
ETH/USD daily chart
Ether Intraday Key Levels
Spot rate: $236.80
Percentage change: 2.12%
Relative change: 5
Trend: Bearish
Volatility: Low
High: $242.26
Low: $230.60
ETH/USD renews the bearish pressure under $240 after resistance at $242 (intraday high).
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John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Published at Mon, 01 Jun 2020 08:43:36 +0000
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