ErisX Pioneers First U.S. Based Ether Futures Contract
Ethereum (ETH) Up $2.46 On 4 Hour Chart, Entered Today Down For the 3rd Day In A Row; Price Base in Formation Over Past 14 Days
Updated May 11, 2020 01:35 AM GMT (09:35 PM EST)
Ethereum is up 1.32% ($2.46) since the previous 4 hours, marking a reversal from the candle prior — and the end of a 3 four-hour candle negative run. Relative to other instruments in the Top Cryptos asset class, Ethereum ranked 4th since the previous 4 hours in terms of percentage price change.
Ethereum is down 10.59% ($22.26) since the day prior, marking the 3rd day in a row it has gone down. The price move occurred on stronger volume; specifically, yesterday’s volume was up 238.33% from the day prior, and up 140.25% from the same day the week before. Out of the 5 instruments in the Top Cryptos asset class, Ethereum ended up ranking 4th for the day in terms of price change relative to the day prior. Below is a daily price chart of Ethereum.
Moving average crossovers are always interesting, so let’s start there: Ethereum crossed below its 20 and 100 day moving averages yesterday. Volatility for Ethereum has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to view things another way, note that out of the past 14 days Ethereum’s price has gone down 9 them.
Over on Twitter, here were the top tweets about Ethereum:
The crypto space is sleeping on eth2. “It will never ship!” is the common theme.Meanwhile, in Ethereum circles I’m in the conversation is all about people buying staking hardware, joining the testnet and preparing for launch. This is going to be fun.
Broke: Bitcoin‘s monetary policy is static.Woke: A new sound money is a once a millennium transition. It doesn’t need constant tinkering to “improve it.”Bespoke: Monetary tinkering is what led to the broken financial system we now have in the fiat world (and Ethereum)
In terms of news links for Ethereum here’s one to try:
Celer Launches Orion Mainnet Upgrade: Ready for Large-scale Node Expansion on Ethereum Layer-2 – Celer Network
To be the first to join the growing Ethereum layer-2 scaling network, you can simply go through these four steps: If a node operator chooses to report your node status to the state channel network explorer, you will see that node popping up in Celer Network Explorer….OSPs as state channel routers periodically broadcast route updates (info of connection and off-chain balance with peers) to the network….Clients have the option to sync state channel state with OSP.
ErisX Launches Physically-Settled Ethereum Futures Contracts
Another remarkable leap forward for the Ethereum community, and the entire cryptocurrency world, is on the cards. Just today, Chicago-based crypto exchange ErisX has launched its own physically-settled Ether futures contracts, meaning investors receive real cryptocurrency and not the cash equivalent.
To help jump-start that process, block trading will also be available on ErisX’s Ether futures contracts.
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Ether trades are executed through the crypto exchange operator’s central limit order book, which ensures all submitted orders are cleared at the ErisX clearinghouse to eliminate counterparty risk.
The move comes shortly after the New York State Department of Financial Services (NYDFS) has granted its first BitLicense of this year to ErisX.
“We strongly believe that the Ethereum blockchain community and broader capital markets benefit from access to regulated products and we are pleased to be the first U.S. exchange to offer these futures contracts. Our contract sizes are accessible for any investor while our technology stack and regulatory framework meet institutional expectations,” said Thomas Chippas, CEO of ErisX.
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ErisX, which is backed by US brokerage TD Ameritrade, has been granted two different regulatory designations, a derivatives clearing license and a designated contract market (DCM) license.
While its contracts vie with the Bakkt’s futures in trading physically delivered Bitcoin, ErisX was the first digital asset exchange to offer both spot and futures markets on the same platform. ErisX’s first spot trading product, which includes Bitcoin, Bitcoin Cash, Ehtereum, and Litecoin, went live in April 2019.
The three-year startup has also made its products available via US brokers licensed as futures commission merchants (FCMs). It has recently onboarded TradeStation Crypto to expand the breadth of accessible liquidity available to the latter’s customers
ErisX was among four regulated trading platforms in the US vying to become the first to launch physically-delivered bitcoin futures. Earlier last year, the firm concluded a funding round raising more than $27 million from major financial institutions like Bitmain, ConsenSys, Fidelity Investments, and Nasdaq Ventures.
“The Ethereum network is the leading programmable blockchain delivering real-world value to enterprises, governments, and individuals. As the digital fuel for the network, Ether is structured similarly to commodities traded in traditional capital markets today,” said Joseph Lubin, Founder of ConsenSys, an early investor in ErisX.
Author: Aziz Abdel-Qader
EOS, Ethereum and Ripple’s XRP – Daily Tech Analysis – 10/05/20
EOS tumbled by 11.0% on Sunday. Following a 0.03% gain on Saturday, EOS ended the week down 13.83% to $2.4471.
It was a particularly bearish start to the day. EOS tumbled from an early morning intraday high $2.7506 to a 1st-hour intraday low $2.2606.
The meltdown saw EOS slide through the major support levels before recovering to $2.49 levels by mid-morning.
Falling short of the third major support level at $2.5698, EOS slid back to $2.30 levels before finding late support.
At the time of writing, EOS was up by 0.20% to $2.4521. A mixed start to the day saw EOS rise to an early morning high $2.4811 before falling to a low $2.4405.
EOS left the major support and resistance levels untested early on.
EOS would need to move through to $2.49 levels to bring the first major resistance level at $2.7116 into play.
Support from the broader market would be needed, however, for EOS to break out from the morning high $2.4811.
Barring an extended crypto rebound, resistance at $2.50 would likely leave EOS short of the first major support level.
Failure to move back through to $2.49 levels would see EOS slide into the red.
A fall through the morning low $2.4405 would bring the first major support level at $2.2216 into play.
Barring another extended crypto sell-off, however, EOS should steer clear of sub-$2.20 levels.
Major Support Level: $2.2216
Major Resistance Level: $2.7116
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Ethereum tumbled by 10.63% on Sunday. Following on from a 0.78% decline on Saturday, Ethereum ended the week down 10.71% to $187.73.
Tracking the broader market, Ethereum slid from an intraday high $210.06 to a 1st-hour intraday low $180.01.
Ethereum fell through the major support levels before briefly recovering to $193 levels.
Falling short of the third major support level at $197.98, Ethereum fell back to $180 levels before finding late support.
At the time of writing, Ethereum was up by 0.86% to $189.34. A bullish start to the day saw Ethereum rise from an early morning low $187.65 to a high $191.23.
Ethereum left the major support and resistance levels untested early on.
Ethereum would need to move through to $192.60 levels to bring the first major resistance level at $205.19 into play.
Support from the broader market would be needed, however, for Ethereum to break out from the morning high $191.23.
Barring a broad-based crypto rebound, resistance at $200 would likely pin Ethereum back on the day.
Failure to move back through to $192.60 levels could see Ethereum fall back into the red.
A fall back through the morning low $187.65 would bring the first major support level at $175.14 into play.
Barring another extended sell-off, however, Ethereum should avoid sub-$180 levels.
Major Support Level: $175.14
Major Resistance Level: $205.19
23.6% FIB Retracement Level: $257
38.2% FIB Retracement Level: $367
62% FIB Retracement Level: $543
Ripple’s XRP slid by 8.68% on Sunday. Following on from a 0.97% decline on Saturday, Ripple’s XRP ended the week down 10.06% to $0.19721.
The Sunday meltdown saw Ripple’s XRP slide from an intraday high $0.21622 to a 1st-hour intraday low $0.17501.
Ripple’s XRP slid through the major support levels before briefly revisiting $0.20 levels by mid-morning.
The partial recovery saw Ripple’s XRP move back through the third major support level at $0.1999 before sliding back to sub-$0.19 levels.
Finding support from the broader market, however, Ripple’s XRP wrapped up the day at $0.19 levels.
At the time of writing, Ripple’s XRP was down by 0.16% to $0.19689. A mixed start to the day saw Ripple’s XRP rise from an early morning low $0.19682 to a high $0.20000.
Ripple’s XRP left the major support and resistance levels untested early on.
Ripple’s XRP will need to move back through to $0.20 levels to bring the first major resistance level at $0.2173 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from the morning high $0.20000.
Barring an extended crypto rebound, resistance at $0.20000 would likely leave Ripple’s XRP short of the major resistance levels.
Failure to move back through to $0.20 levels could see Ripple’s XRP fall deeper into the red.
A fall through the morning low $0.19682 would bring sub-$0.0.19 levels into play before any recovery.
Barring another crypto meltdown, however, Ripple’s XRP should steer clear of the first major support level at $0.1761.
Major Support Level: $0.1761
Major Resistance Level: $0.2173
23.6% FIB Retracement Level: $0.3638
38.2% FIB Retracement Level: $0.4800
62% FIB Retracement Level: $0.6678
Please let us know what you think in the comments below.
This article was originally posted on FX Empire
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Ethereum is a smart-contract based blockchain platform. Developed and released in 2015, Ethereum is the second-largest cryptocurrency by market cap. Ethereum employs a POW blockchain using Ethash (Dagger Hashimoto).
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