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Ethereum Pullback: Is it a Buying Opportunity?

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Ethereum ETH pullback

For most of 2018, Ethereum (ETH) has fallen, and fallen, and fallen some more.

In fact, since the year began, it fell from around $1,400 to less than $200.

All as it was criticized for poor scalability issues, transaction delays, and as it fell prey to hacker attacks.  For example, in June 2018, hackers stole more than $20 million dollar from insecurely configured ETH nodes on the Internet.

Of course, it didn’t help when co-founder, Vitalik Buterin says there is no chance we’ll see “1,000-times growth” in the cryptocurrency and blockchain space again.

In addition, investors blamed some of the drop on ICO projects deployed by ETH.  However, that was not the car, as ETH projects still hold more than $500 million in ETH.

Can ETH Rebound from its Lows?

We have to consider two things when it comes to Ethereum (ETH) prices.

One, the coin is oversold at support dating back to September 2017.  It’s also trading at its lower Bollinger Band (2,20).   In addition, Williams’ %R beginning to pivot higher.

The other catalyst is the Chicago Board of Options Exchange (CBOE)

The CBOE will launch Ethereum futures in 2018.  And it will reportedly do so with Gemini’s market.

CBOE launched Bitcoin futures at the end of 2017.   In fact, the futures trading is said to have contributed massively to reducing the volatility of Bitcoin since then.

Reports indicate that CBOE is waiting to be cleared by the Commodities Futures Trading Commission before launching it officially.

According to Chris Concannon CBOE’s Global markets president: “SEC announced that Ethereum is not a security. This announcement cleared a block which stood between us and Ethereum futures. We have been considering launching Ethereum futures since December 2017 when we launched Bitcoin futures.”

 

 

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