In brief:
- 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
Tesla Buying Bitcoin Flipped the Script Back to a Bullish Future for Ethereum
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.
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 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.