Will Ethereum Value Reach Four Figures Anytime Soon As BTC Breaks Above ATH?

  • After Bitcoin provided a new ATH to the crypto world towards the end of the year, Ethereum is catching investor’s hope to reach four figures in the coming months 
  • Ethereum Value broke above its year to date high of $630 and presented a new point around $670
  • The significant bullish run might be backed by the fundamental of CME planning to launch ETH futures contract in 2021. 
Source: Coinmarketcap

The weekly price performance chart of Ethereum highlights the significant bullish move developed by the crypto asset during the week. The current positive move signal was given by the price levels during the positive breakout above the crucial mark of $600 again. Still, the sentiments for ether were doubtful as the market witnessed significant negative reversals on past occasions. However, the golden rally of Bitcoin, which included a new ATH, provided a huge positive push to the price level of ether resulting in a new year-to-date high of around $670. The CMP is placed at $660.62 with an overall gain of 11.47%, bringing the market capitalization to $75,430,467,437 with the 24-hour volume traded of $24,71,072,131. The ETH/BTC pair still trend negative with a loss of -3.18%, bringing the current level down to 0.02921392 BTC. 

Chicago Mercantile Exchange Presents ETH Futures Contract to Cryptoverse

On Wednesday, Chicago Mercantile Exchange announced that it would be initiating ether futures contract. Each ether contract will be consisting of 50 units and will be open to trade on February 08, 2021. It could be said that this move made by CME is much of anticipation of Bitcoin breaking above its ATH. Also, CME’s BTC futures are considered to be a huge successful derivative product in the market. The news might have provided a positive push to Ethereum value during the current market session.

Technical Levels Goes Extremely Bullish As Ethereum Value Gains New Levels For The Year

Source: Tradingview
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The technical chart of Ethereum highlights the gradual positive momentum created by the bulls from the past month, which has resulted in attaining new levels for the yeat towards the end. The price levels have broken above the upper level of BB, which is around $652.09, providing extreme bullish signals. The relative strength index has also reached the peak of the overbought region with the current level of 82.27 while MACD moves strongly after a bullish crossover. The bulls must be looking levels above $630 for cooling off what might have converted into an overheated positive move. The cooling period around $650-$670 might help develop sustainability and avoid any sharp negative divergence for the world’s second-largest cryptocurrency. 

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.

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