Is Ethereum Staging a Short-Term Rally - Price Analysis.
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CME Launches Ethereum Futures Contracts - Exclusive.
2021-02-08 | Eddy Morgan
CME’s ether futures are cash-settled and supported by the exchange’s reference rate that has data from some of the leading cryptocurrency exchanges Bitstamp, Coinbase, Gemini, itBit, and Kraken.
The world’s primary regulated ether futures product may draw more institutional demand for the 2nd-largest cryptocurrency by market cap, boosting the recent price rally.
“The earliest traditional financial institutions that bought BTC are already watching ETH, if not bought already. And rightfully so. The foremost used crypto network positive way forward for finance as well as a possible deflationary monetary policy narrative makes it extremely compelling,” Qiao Wang, cryptocurrencies researcher and investor and co-founder of Messari, tweeted recently on Sunday.Wang foresees ether rallying to $5,000 and even higher within the upcoming days. Ether is trading at a price of around $1635.2 USD at the reporting time, a 10x gain on the day, having reached record highs above $1,700 USD earlier on Friday. The cryptocurrency has over tripled in worth since the CME revealed its plans to list futures contracts on 16th Dec., mimicking bitcoin’s surge from $6k to $19.7k seen within the weeks leading up to 17th Dec. 2017, when the exchange began trading bitcoin futures. While bitcoin topped out on the same day and subsequently moved into a year-long market, ether is probably going to stay bid. “The market is now more mature, the macro is different, and there are different players involved,” trader and analyst Alex Kruger added last week, ruling out a big crash in ether. Wang also voiced an identical opinion Sunday, warning that depending on an ether market would be “the worst trade of your life.”
