DataMoney

ETH Futures - Will the price go up or down?

Long
BITSTAMP:ETHUSD   Ethereum / U.S. Dollar
This Monday morning is soo exciting! ETH has thrown quite a few jabs last Sunday driving volatility and kicking traders out of their beds 😄
Looking at the market data one could find ways to explain the dip and bounce back would be perfectly reasonable. Except for ETH futures announcement. Here it gets more complicated. You would think that positive publicity would rise ETH price, however, historically cryptos did really poorly before and right after futures released.

Therefore we have an overbought overpriced market, that should dip. Lots of publicity that should drive the price up and ETH CME futures that should drive the price down. So, which is it? Up or down? In situations like these technical data has been proven again and again useless. A major driver will be people irrational behaviour and, don`t forget, whales will never miss an opportunity to double their millions!

Here are today's technicals: Position should be short (I doubt it will be). Forecasted highs at 1700, mid-way point at 1645, support forming at 1580 and forecasted lows at 1540... Regardless of the technicals - it is really unlikely that price will drop under 1600 and there is A MASSIVE gap between 1600 and 1540! Irrationality + confusing data - I call it a price rise! 🤑 Let's see if we can make today's targets and a nice little profit for everyone reading this 💰

Comments

I agree wholeheartedly. We have the Bitcoin futures rollout as precedent and the value of Bitcoin dropped when futures were launched. I guess there’s only so much that traders have to invest? I wouldn’t be surprised to see a big sell off of ETH to buy futures or even Bitcoin. But the price won’t hit 1800 as predicted last week. It will bounce between the pivot point of 1629 and support/ resistance.
+3 Reply
DataMoney MCDeane1010
@MCDeane1010, thanks for your comment!
It seems that a lot of people who lost money with BTC futures launch now really resent ETH fututres. It is exciting to see how today will unfold.
Reply
Interesting !
+2 Reply
My prediction of 1496 came through. Way is up right now
+1 Reply
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