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OKEx introduces perpetual swap based on Ethereum, no market reaction so far

  • Ethereum continues to slide down.
  • OKEx customers have access to ETH-based derivatives with 40x leverage.

Ethereum is changing hands at $ 127.15, down 4% from the start of the day. Trading is in a range with a bearish bias as the cryptocurrency market is rising from the recent highs achieved before Christmas

Change of cryptocurrency OKEx launched a perpetual exchange – a derivative of cryptocurrency based on Ethereum. According to the announcement published on the company's website, the instruments are available for trading from December 26th to 1.00pm (CET).

Perpetual ETH-swaps allow OKEx customers to trade cryptocurrency with a 40x leverage. The contract is denominated in ETH and is equivalent to $ 10. The swap price is determined on the basis of the prices for ETH against USD and BTC provided by Bitstamp, OKEx, Bitfinex, GDAX and Gemini.

The company also plans to add perpetual swaps for LTC, ETC, XRP, BCH and BSV.

Technical framework of Ethereum

In intraday charts, ETH / USD is supported by SMA50 (4 hours). currently at $ 122.66. The price touched this barrier before the European opening, but managed to recover fairly quickly. Once this obstacle is eliminated, the sell-off could continue towards $ 120.00 critically, where a new interest in buying is likely to appear.

On the upside, resistance is created by $ 130.00 psychological and followed by a congestion zone at $ 133.50. It also represents two shoulders on the "Head and shoulders" formation on the 4-hour chart. If it is broken, the upside can be extended to $ 150.00 and at most recent to $ 161.

ETH / USD, 4-hour chart

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