Ethereum Nears ATH As CME Futures Approach, Here’s What Follows!

In a long awaited event, Ethereum is finally nearing it’s previous all time high (ATH) figure of $1448 (CoinGecko data) and is currently changing hands at ~$1402! For the past 24 hours, ETH has been attempting to cross ATH, but could only reach $1428. However, the marketcap stands at a ATH $162B. Technically, the price ATH wasn’t breached, but the crypto community assumed it as such.

Ethereum Price Data - CoinGecko
Ethereum Price Data – CoinGecko

The largest smart contracts platform in the world is well positioned to set up a new record, owing to the growing popularity of decentralized finance and Ethereum 2.0 genesis contract reducing circulating supply. This is likely further bolstered by the Layer 2 scalability solutions deployment, massive improvement in fundamentals and incoming CME Futures!

Ethereum CME Futures

CME Group – the world’s leading derivative marketplace announced on Dec 16, 2020 that subject to regulatory approval, Ethereum futures would become available for trading on Feb 08, 2021. The cash settled product would be the second crypto-asset after Bitcoin to be introduced on CME.

Ethereum CME Futures - Fact Sheet
Ethereum CME Futures – Fact Sheet

This will allow market participants to better manage risk and gain safe exposure to the second largest cryptocurrency by market capitalization. It will enable price discovery, capital efficiency in trading and efficient exposure to ETH, therefore generating more value for the token holders, by providing a channel for funneling institutional money.

Ethereum Price – Levels To Watch

Now that the ETH price is nearing a new all time high, Ethereum momentum is extremely strong. A technical analysis expert edutradinguru posted highly bullish chart TradingView, predicting ETH to cross $1500+ by the end of Jan and continuing climbing upto $1800, well into the next month as CME futures launch.

TradingView - Ethereum TA by edutradinguru
TradingView – Ethereum TA by edutradinguru

These gains are likely to find their way into altcoins and might signal the start of the alt-season in the coming days. According to analysts, Ethereum likely will cross $2-3K by the end this year and some ultra-bulls such as accomplished investor and trader Raoul Pal have even given targets of $20K in this cycle.

Ethereum Crosses ATH
Ethereum Crosses ATH© Cryptoticker
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