Ethereum
The Ethereum price is getting volatile ahead of the launch of ETH futures at the Chicago Mercantile Exchange (CME). The ETH price is at $1,615, which is 10% above the weekend low of $1,492 and last week’s high of $1,762.
What happened: The Ethereum price has been on a steady uptrend in the past few months. It has gained by almost 1,000% from its lowest level in 2020. This year alone, it has gained by more than 120%, making it one of the best-performing major cryptos.
Today, the biggest catalyst for the ETH price is the launch of the CME futures. This means that large investors will have futures contracts that they can invest in or short. Investors are remembering what happened in December 2017 when the CME launched its BTC futures. After rising briefly, the price then retreated to a multi-year low.
Still, the situation has changed since 2017, and more institutions are investing in cryptocurrencies. For example, the GrayScale Ethereum Trust has surged to have more than $5 billion in assets.
On the four-hour chart below, we see that the Ethereum price has been relatively volatile lately. The currency is trading at $1,615, which is slightly above the weekend low of $1,492. The price is along the 25-day and 15-day exponential moving averages (EMAs). Also, the price is above the ascending black trendline that connects the lowest levels since January. It is also along the upper trendline that links the highest levels on January 10, 20, and 25.
Therefore, in my view, the ETH price will likely continue rising but bulls must defend the all-time high of $1,762. A cross above this price will see it rally to possibly $2,000. This prediction will be invalidated if the price moves below $1,500.
