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Ethereum Holds Firm Above $3,100 Despite Dip – Fresh Breakout to $3,600+ Looming as Bulls Defend Key Support 
ETHUSD (at Coinbase) has been showing resistance after a resounding consolidation phase after bearish rout seen in 2018.
Although the minor trend goes in sloping channel, the rallies spike above DMAs upon stern bullish engulfing candle at $129.61 levels, consequently, the price of ether against dollar has surged more than 340% in 2019 so far.
Fundamentally, we see some constructive commentaries to drive bullish ETH, while CME announced Bitcoin Options, we get to see Ethereum Futures in 2020.
While the US-SEC states ‘Bitcoin and Ethereum Are Not Securities’, constantly keep declining bitcoin ETF proposals foreseeing potential threats for the investors’ community, whereas the new Chair of the CFTC (Commodity Futures Trading Commission) and the former Coinbase VP has recently called Ether (ETH) as a commodity that hints the room for a plethora of newly regulated derivatives products on platforms like the CBOE.
On that front of business dimension, the renowned derivatives marketplace ‘CME Group’ has recently made an announcement to unveil options on its Bitcoin futures contracts by Q1 of 2020.
The CFTC Chairman Heath Tarbert, at Yahoo Finance’s All Markets Summit in New York, has said “it is my view as chairman of the CFTC that ether is a commodity.”
Mr. Tarbert reckons sooner or later the crypto-space is most likely to offer ethereum futures contracts as well during 2020.
Technically, the pair (ETHUSD) holds stronger support at 152 levels, we traced out shooting star at 290.07 levels (on weekly plotting), to counter the previous vigorous rally and hampers intermediate uptrend. Consequently, the bearish pattern nudge price back below EMAs.
The interim price dips takes support at 156-177 levels. But the intermediate uptrend seems to be restrained below 21-EMAs. If bulls manage to break out these levels, we could foresee more upside traction up to 255 levels in next 2-3 months, or even up to 360 by first quarter of 2020. Hence, the recent price dips upon shooting star are perceived as the better entry level for fresh long build-ups for the long-term investors.
