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Ether Tops $1.7K, Setting New Record as CME Futures Launch Nears
The cryptocurrency has gained 30% so far this week.
Door Omkar Godbole
Ether's bull run continues with prices topping the $1,700 mark to set new all-time highs.
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At the current price of $1,717, the native token of Ethereum's blockchain is up 5% on a 24-hour basis, according to CoinDesk 20 data. The cryptocurrency has gained 30% so far this week.
Trader and analyst Alex Kruger foresees a continued rally toward $1,920 ahead of the launch of ether futures on the Chicago Mercantile Exchange on Feb. 8.
Ether's recent rally looks similar to bitcoin's staggering rise from nearly $6,200 to $19,783 seen in weeks leading up to the CME futures launch on Dec. 17, 2017. The bull market ended following the futures launch and prices fell as low as $3,200 by December 2018.
Kruger does not expect a big dump in ether after Feb. 8. "I don't expect a crash after the launch, as it happened in 2017. For two reasons. First, the market is now more mature, the macro is different, and there are different players involved. Second, ETH remains a high beta asset. BTC determines the market direction, ETH follows," Kruger tweeted.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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