Ethereum is joining its cousin, Bitcoin, in Stockholm! A new investment product focused on Ethereum is now open to investors on the Nasdaq Stockholm exchange. Ethereum has once again peaked above the daily Ichimoku cloud.
Ethereum Based Investment Product Now Listed On Nasdaq Stockholm
As of Wednesday morning, investors can now gain exposure to the price movement of ether via the trading of two new exchange-traded notes, or “ETNs,” on Nasdaq Stockholm.
While Bitcoin ETNs have existed for more than two years on Nasdaq Stockholm, This new addition makes the exchange the only European place to offer access to more than one cryptocurrency. Both Bitcoin and Ethereum ETNs were launched by the same group.
Both Bitcoin and Ethereum remain the largest cryptocurrencies by market value. Now there is a new swap code between the two available on the blockchain technology. A team of cryptocurrency startup developers is open-sourcing technology that enables trustless trading between the bitcoin and Ethereum blockchains. As a result of the release, a now larger community of developers can play around with and build on top of the code. However, it is still important to note the technology is in its early stages.
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A team of cryptocurrency startup developers is open-sourcing technology that enables trustless trading between the Bitcoin and Ethereum blockchains. As a result of the release, a now larger community of developers can play around with and build on top of the code. However, it is still important to note the technology is in its early stages.
Technical Points: Ethereum, ETH/USD
Looking at Ethereum’s daily chart as traded versus the US dollar, the ETH/USD pair finally confirmed above the daily Ichimoku cloud on Wednesday. However, the future cloud remains flat, and slightly on the bearish side. The candlesticks themselves appear to be in a consolidation mode, moving between a narrow range of 313 and 286.
Ethereum ETHUSD Above Ichimoku Cloud
A break above the pivot level of 313 could be our second bullish confirmation which could open doors for Ethereum prices to move higher once again, towards the all-time-high resistance level of 393.
Medium-term support is set at 224, the level Ethereum tested back in September. The level has previously acted as a resistance, which makes it stronger of a support.
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Forex Update – Fed Concerns About Inflation, More Rate Hikes to Come
The FOMC meeting minutes cause another slip in the USD. While many Fed officials agreed that it was time for another rate hike in the coming months, many members issued concern that low inflation wasn’t a temporary phenomenon.
However, the Fed did outline plans for raising rates again in December, as well as three times next year.
On the Economic Calendar …
Thursday: During Thursday’s London session, Bank of England Credit Conditions & Bank Liabilities Surveys will be out at 8:30 AM GMT to shake the GBP crosses. Euro-Zone Industrial Production will be next at 9 AM, followed by Canada’s New Housing Price Index and the US weekly jobs report at 12:30 PM GMT. ECB President Draghi participates in panel in Washington which could create volatility in the EUR crosses.
ECB President Draghi participates in a panel in Washington which could create volatility in the EUR crosses.
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Friday: China’s Trade Balance (SEP) and RBA’s Financial Stability Review are the main events during the Asian session Friday. German Consumer Price Index is up next at 6 AM GMT expected to remain unchanged at 1.8%. The US will also release their set of Consumer Price Index (SEP) at 12:30 PM GMT, along with their Advance Retail Sales, and Real Average Hourly Earning.
The retail sales data is expected to tick higher to 1.5% from previous reading of -0.2%. The CPI is also expected to tick higher on a YoY basis, from 1.9% to 2.3%.
If any of these numbers fail to meet expectations, we could see yet another round of drops in the USD crosses. Last but not least, University of Michigan Confidence survey will be out at 2 PM GMT to end the trading week.