Home LedgerX to launch Ethereum-based derivatives, but ETH/USD hibernates in a narrow range
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LedgerX to launch Ethereum-based derivatives, but ETH/USD hibernates in a narrow range

  • ETH/USD is sitting in a range amid directionless trading.
  • LedgerX plans to launch ETH-linked derivatives once the regulatory approval is received.

Ethereum, the second largest coin by market value, is sidelined at $211 after a feeble attempt to pass through $222 on Wednesday. Ethereum’s current market value is $21.7B, while the average daily trading volume is registered at $1.7B, in line with mid-term average figures. Both trading volumes and volatility are subdued as the cryptocurrency market is gripped by indecision and directionless trading.

Ethereum-based derivatives

US-based LedgerX exchange focused on cryptocurrency derivatives has developed a line of products linked to Ehereum, media outlet The Block reports.
Technically, the Ethereum-based derivatives are ready to go live, but the company will announce the official launch of the products as soon as the regulators’ approval is obtained. The meeting with the representatives of the Commodities Futures and Trading Commission (CFTC) is scheduled on October 5.  

Ethereum’s technical picture

From the intraday perspective, ETH/USD stays below $220, which is considered to be a strong technical level created by 38.2% Fibo retracement for the downside movement from September 1 high and followed by SMA50 (4-hour chart), and the short-term upside trendline from September 12 low. Once this area is cleared, the bulls will have a chance to take prices towards the next target at $235  handle (50.0% Fibo retracement).

On the downside, the significant support is created by $200. ETH/USD has been trading above this handle since September 19. If it is broken, the sell-off may be extended towards $192 (September 17 low) and to $167.

ETH/USD, 4-hour chart


 

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