CME’s Ether futures listing sends Ethereum price over the roof, bulls target $740

  • Ethereum price climbed above $600 again as Bitcoin established a new all-time high beyond $20,000.
  • The Chicago Mercantile Exchange (CME) just announced the launch of futures contracts for Ethereum. 

Ethereum is currently trading at $630 after a massive price explosion following Bitcoin’s new all-time high above $20,000. At the same time, CME announced the launch of Ethereum's futures contracts for February 8, 2021. 

Building on the success of Bitcoin futures and options, CME Group will add ether futures to the cryptocurrency risk-management solutions available to trade in February.

Ethereum price seems poised for a new 2020-high 

Not only Bitcoin has breached $20,000 for the first time ever, but the announcement from CME listing Ethereum, its second cryptocurrency supported, has also proven to be a major bullish factor.

eth price

ETH/USD 4-hour chart

On the 12-hour chart, it seems that Ethereum price broke out of an ascending triangle pattern and targets $743 in the long-term. The next resistance level is $635.7, the 2020-high. A breakout above this point would most likely push ETH towards that $743 price target. 

eth price

ETH Holders Distribution

Additionally, the number of whales holding between 100,000 and 1,000,000 of ETH coins has increased by four in the past week, despite Ethereum price rising fast. The number of ETH deposited inside Eth2 has reached 1.514 million, which is close to $1 billion in value at current prices.

The only potential bearish sign for Ethereum would be a rejection from the 2020-high at $635.7, which can easily push the digital asset below $600 and potentially as low as $560, but this is the least likely scenario.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Polkadot price to return to $40 if near-term support holds

Polkadot price has substantially recovered since hitting a low of $23.95. A return above the $30 level gives buyers and long-term hodlers significant psychological support that Polkadot may, again, move higher. Polkadot price faces near-term ...

More Polkadot news

VeChain recovery to $0.13 is crucial to reignite VET bull market

VeChain price has recovered roughly 40% of the losses it has had since the flash crash this past Saturday. A strong recovery looked very likely, but recent price action has shown there is a struggle to move higher and that bulls may be losing faith.

More VeChain news

These cryptos could post triple-digit gains by the end of the year

As Bitcoin struggles to recover from the drop on December 4, altcoins continue posting double-digit gains overnight. Based on their price trend, Terra, MATIC and Chainlink could post triple-digit gains before the end of the ongoing bull run. 

More Bitcoin news

Top 3 Price Prediction: Crypto market dazed post flash crash

Ethereum price had a spectacular Saturday close on the daily chart, closing above the dominant interior trend line (black diagonal line). Then, on Sunday and Monday, Ethereum continues to press on higher with closes above the Tenkan-Sen and ...

More Ethereum news

The bull and the bear case for BTC

Bitcoin price saw a recent bullish impulse that faced massive headwinds before it tagged a crucial psychological barrier. With directional bias and choppy price action, BTC is likely to experience massive volatility as the situation resolves over time. 

Read full analysis