Today’s update to the historical highs for ETHUSD was due to increased demand for this cryptocurrency ahead of the launch of Ethereum futures on the Chicago Mercantile Exchange. The contracts will start trading next week.
In a note from JPMorgan strategists, it is noted that the placement of futures contracts on the exchange, which is subject to regulation, will improve the structure of the cryptocurrency market. Investors will be able to use derivatives on Ethereum to diversify their bitcoin portfolio or hedge cryptocurrency positions with futures.
Also, experts from JPMorgan do not rule out that after the listing of Ethereum futures, the cryptocurrency may face a pullback in prices, which will allow the owners of the ether to resort to hedging strategies.
The successful launch of Ethereum futures is likely to be the first step, after which options for this cryptocurrency may appear next year.
Meanwhile, the Fibonacci extension did not deceive about the technical guidelines for ETHUSD. The pair moved to consolidation below the 100 level, located at 1566.88.
The material has been provided by InstaForex Company – www.instaforex.com
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