In brief:
The CME Bitcoin futures for the month of May expire today. With respect to the price of BTC, it has defied all odds and managed to test $9,600. This is after the team at Goldman Sachs publicly advised against investing in crypto and Bitcoin
.What usually happens during the week of CME Bitcoin futures expiration, is that the price of BTC experiences a dip with a recovery a few hours or days after the contracts expire. However, for this month, Bitcoin has broken the usual pattern thus providing the perfect environment for Ethereum (ETH) to thrive in the crypto markets.
In the last 48 hours, the bullishness in the crypto markets has propelled Ethereum to momentarily test $225. This ETH price is around the earlier identified resistance level of $228. This price level has been an area of interest for ETH traders for it is the last major hurdle before Ethereum pushes higher to levels around $250.
Further checking the daily ETH/USDT chart courtesy of Tradingview.com, we observe the following.
In conclusion, Ethereum is facing stiff resistance as it attempts to break the $228 resistance area. A brief technical analysis has identified some bullishness through the Golden Cross and the MACD crossing in a bullish manner above the baseline. However, as the CME Bitcoin futures expire in the next few hours, it might be wise to keep an eye out on the price action of Bitcoin before deciding to long ETH in the crypto markets. Ethereum might experience a possible retracement into the weekend. Stop losses are also advised to protect trading capital.