The ETH price ceiling reaches $1800 for the first time ever as per the data that we have today shows so let’s read into it some more in today’s Ethereum news.
The price surge for ETH came amidst the overall move upwards for the broader crypto market. ETH broke its previous all-time high of $1740 from a week ago and trades above its 21-period exponential moving average which is tool traders use to determine the overall trend of the asset. ETH remains in a firm uptrend for now.
ETH has never traded at these prices before so there’s a lack of defined price resistance in the near-term. This is basically a term used in trading circles that describes a price level where the traders start selling their assets. The price movement coincided with the ETH futures launch on the Chicago Mercantile Exchange. The ETH futures is a derivative product that allows investors to bet on the price movement on the asset without the legal complications of holding the asset itself. More than $30 million worth of ETH futures were traded on the first day of their offering which proves their demand among the institutional crowd.
$30 million worth of Ethereum were traded on the first day of CME listing.
Not bad at all. h/t @ArcaneResearch
— Joseph Young (@iamjosephyoung) February 9, 2021
As of today, Ethereum has a market cap of more than $200 billion with 114 million ETH in circulation and it continues to increase. The ETH price ceiling has just reached a new high of $1800 for the first time in history while Bitcoin surged to $46,000 as well, marking a new ATH.
As recently reported, IF ETH goes above the $1650 level there are strong chances of a fresh surge as the coin started a downside correction while trading below $1600 against the US dollar. Ethereum started a downside correction below the $1650 level and the price is now trading below it and its 100 hourly simple moving average. There’s a key bearish trend line forming with the resistance of $1660 on the hourly chart of the pair that could resume higher once it manages to clear the $1650 and the $1660 resistance levels. After setting the new all-time high of $1760, ETH started a short-term downside correction and traded below the $1650 and the $1600 support level with a break below the $1560 support level and the 100 hourly simple moving average.
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