- Ethereum (ETH) CME futures contracts went live yesterday on February 8. According to the Unfolded team, on the first day of trading Ethereum derivatives, 388 contracts were traded, worth about $ 34 million. The team at Unfolded shared this milestone via the following tweet.
— unfolded. (@cryptounfolded) February 9, 2021
Tesla Bitcoin Buying Scenario Also Helps Ethereum
Prior to the launch of CME Ethereum futures, traders and investors were concerned about whether the launch would cause ETH to enter a bear cycle, as Bitcoin did in 2017 after CME futures were launched.
However, Ethereum’s $ 1,480 support remained in good shape, and the rise surrounding ETH was revived when Tesla announced that it had purchased $ 1.5 Billion in Bitcoin. The event became the center of attention in the crypto market, as Ethereum announced an all-time high of $ 1,823 – with the price of Binance.
Ethereum could reach expected target of $ 2,000
The Upblock team has done some macro analysis on Ethereum and concluded that the digital asset could be ready for $ 2,000 with the current rise. The team shared this conclusion on Ethereum in a recent crypto market report.
ETH is consistently making higher peaks and forcing new ATH levels to enter true parabolic price discovery. He has spent a lot of time in the previous weeks and managing to stay above a certain critical level can guarantee this breakout.
When looking at technical indicators such as the MKAST Algorithm, the bullish situation can be quickly detected due to the recent extreme rise. The MKAST Index shows a score of 13/15, leaving enough room for another impulsive move, indicating that the “magic” $ 2000 level can be reached.