Prior to the launch of the CME Ethereum futures, traders and investors were ‘sitting on the fence’ as to whether the launch will result in ETH entering into a bear cycle as Bitcoin did back in 2017 after its CME futures went live.
Tesla Buying Bitcoin Flipped the Script Back to a Bullish Future for Ethereum.
However, Ethereum’s $1,480 support held well and the bullishness surrounding ETH was rejuvenated once Tesla announced that it had purchased $1.5 Billion in Bitcoin. The event took the crypto-verse by storm with Ethereum posting a new all-time high of $1,823 – Binance rate.
- Ethereum has returned to bullish territory after the CME ETH Futures went live yesterday
- Ethereum’s bullishness is partly due to Tesla buying Bitcoin and the general crypto market excitement surrounding the event
- Technical analysis also points to another push up by Ethereum towards $2k
Ethereum (ETH) CME futures contracts went live yesterday, February 8th. According to the team at Unfolded, a total of 388 contracts, valued at roughly $34 million were traded on the first day of trading the Ethereum derivatives products. The team at Unfolded shared this milestone via the following tweet.
CME $ETH product saw 388 (~$34m) contracts traded on the first trading day. pic.twitter.com/kYfRw6nOIP
— unfolded. (@cryptounfolded) February 9, 2021
Ethereum Could Hit the Magical $2k Mark
It is with the current bullishness that the team at Upblock has done some macro analysis on Ethereum and concluded that the digital asset could be primed for $2k. The team shared this conclusion on Ethereum in a recent crypto market report that explained the following.
ETH has been consistently making higher highs and pushing for new ATH levels to enter real parabolic price discovery. It has spent a lot of time in previous weeks fighting and consolidating at a certain key-level yet could secure a breakout.
Looking at technical indicators such as the MKAST Algorithm, one can quickly identify a bullish condition due to extreme bullishness lately. The MKAST Index shows 13/15 points, which leaves enough space for another impulsive move, which could hit the “magical” $2000 mark.