Market Overview

Crypto Analysis: Chicago Board Options Exchange Puts Ethereum Back In The Spotlight

Crypto Analysis: Chicago Board Options Exchange Puts Ethereum Back In The Spotlight
  • BTC/USD follows the script, recovers the key price level of $6,900.
  • ETH/USD recovers but ignores CBOE's announcement of the launch of Ethereum futures.
  • XRP/USD continues to struggle with moving averages, a necessary target at the $0.36 price level.

Recovery of the Crypto market after a day of consolidation in which it reached the levels which we expected on our analysis yesterday. The consolidation process has not been completed and will probably continue until early next week.

Yesterday, in the middle of the American session, the news of the CBOE's next launch of a futures market for Ethereum were announced. Great news for the Ether universe, which had been relegated a little bit by the big derivatives platforms in front of Bitcoin. The price of Ethereum has not reacted, so we should be aware of the details that may have influenced this lack of reaction.

BTC/USD 240-Min

BTC/USD left yesterday its low at $6.791. This price level is no coincidence, since it was the level through which the EMA50 passed in the 240-Min chart, and in its downtrend, BTC/USD confirmed the bullish trend line, the SMA200 and later the aforementioned EMA50.

A textbook movement.

For the next few sessions, we should wait for the end of the retreat pattern, which will probably go down again in search of the trend line and, once there, follow it waiting for the arrival of the moving averages.

Above the current price, first target is located at $7,100 (price congestion). From here, there is a significant jump in the target price that would bring BTC/USD to the price level of $7,400 (price congestion).

Below the current price, the first support level in the trend line that currently passes through the $6,900 price level. Below this level, the presence of the SMA200 and the EMA50 can act as price attractors, so the price congestion support levels, which are of the lower range, do not work properly. The SMA200 moves at the $6,800 price level while the EMA50 moves at the $6,810 level.

Therefore, above these two moving averages, everything would be within normal. Any candlestick closures below moving averages should put us on alert.


The MACD at 240-Min continues to cross downward, but a last-minute bullish movement has smoothed the profile and now the odds of a bullish cross are much higher.

The DMI at 240-Min makes it clear that buyers are well above price and have reacted strongly once confirmation levels were reached. The ADX also reacts and rises slightly.

ETH/USD 240-Min

ETH/USD continues in its particular ordeal. The Average True Range has collapsed and with the current daily ranges, it is very difficult to get out of the contractive lateral range. Theoretically, these contractionary phases end up causing a violent increase in range but can extend well into the time before they occur.

The structure of ETH/USD shows weakness, as it still moves below the main moving averages, preventing any upward development and subtracting opportunities to take advantage of the favorable moments while enhancing the unfavorable ones.

Above the current price, at the $280 level, first resistance to be beaten at the SMA100 and EMA50 moving through the $284 price level. Above these two moving averages, the price could accelerate and face the levels of $290 (price congestion), $305 (price congestion), $315 (price congestion) and $330 (price congestion and SMA200).

Below the current price, there is very little margin. First major support at the price level of $270 (price congestion) and $260 (relative lows). Below the $260 price level, very bearish scenario.


The MACD at 240-Min still remains just above the 0 line. The horizontality it shows leaves the behavior pattern open, with a bullish turn as likely as a bearish acceleration.

The 240-Min DMI shows a slight advantage for buyers, but sellers are very active and have not withdrawn despite the market recovery. The ADX continues to decline, in line with the decline in range and laterality.

XRP/USD 240-Min

XRP/USD shows us an intermediate pattern between Bitcoin and Ethereum. On one hand, its structure is not as bullish as that of Bitcoin, but it remains above the main moving averages and its daily range is still wide. On the other hand, its indicators are those that show structures that are more conducive to continued price weakness.

Above the current price, first resistance at the price level of $0.345 (price congestion), followed by the price level of $0.355 (SMA200) and, as a target, the price level of $0.368 (price congestion and relative high).

Below the current price, first support at $0.33 (EMA50), followed by $0.325 (SMA100) and $0.32 (price congestion). Below this last level, falls to the next support already at $0.298 (price congestion).


The MACD 240-Min is shown completely horizontal but still above the 0 line. Open scenario for both sides of the price action.

The DMI 240-Min shows sellers at higher levels than buyers. The difference is minimal, but sellers move above level 20 and buyers do not. Fact to be taken into account. The ADX continues to weaken and also drops below level 20.

Posted-In: Bitcoin Ethereum FXStreet rippleCryptocurrency Forex Markets Best of Benzinga


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