Coingape - 11/7/2019 1:14:09 PM - GMT (+0 )
- Binance adds the BNB/ETH margin trading.
- Ethereum price struggles to cross the $200 USD resistance level.
Ethereum (ETH), the second largest crypto in market cap, is struggling as price targets the $170- support/resistance level in coming days. The spike in price in the past 48 hours follows the increased interest in DeFi products on the platform and market developments on the margin trading of ETH pairs. Binance is the latest major exchange to widen its margin traded asset pairs with the addition of Binance Coin (BNB) margin trading against ETH.
Binance announced the addition of the BNB/ETH pair margin trading on Nov. 7. The pair becomes the latest to join the exchange’s ever-growing margin trading platform launched in July this year. The official report reads,
“Binance’s Margin Trading platform has added BNB/ETH to its list of available trading pairs.”
— Binance (@binance) November 7, 2019
Also, on Oct. 31 the exchange had announced the addition of QTUM margin trading, allowing users to leverage up to 125X and also borrow the asset.Ethereum Price Struggles to Break $200 Resistance Level
The latest development opens a case for ETH to find its feet and boost past the $200 resistance mark. After a failed attempt at the milestone on Nov. 5, the ETH/USD pair started a fresh downward movement towards the $180 support level, plummeting 5% in the past 48 hours.
However, the price is oscillating just below the $200 mark, one push away from crossing resistance and starting a possible bullish momentum. Having bounced off the minor resistance level at $193, the price is struggling to break the $194 and $198 upper resistance levels.Source: TradingView
The situation is not as rosy looking at the hourly candle charts as ETH/USD price briefly crossed below the bullish triangle support line at $183 USD. A close below this point spells doom for the token and may see the short term market turn bearish.Source: TradingView
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.