ETH Price Reaches A New ATH: Now $1,800
- Ethereum rallies following shortly the news of Tesla’s investment in Bitcoin.
- The price action drives Ethereum’s price above $1800, making it an all-time high.
- Ethereum rally is due to the previous launch of ETH future contracts.
ETH Price Soars Following The Surge Experienced By Bitcoin.
In the last few hours, ETH price has risen above the $1,800 mark according to the data from Coinmarketcap. Also, in the same timeframe, the trading volume of the cryptocurrency rose slightly above $56 Billion. The price surge experienced by Ethereum could easily be connected to the rise in Bitcoin’s price, following the news of Elon Musk’s $1.5 Billion investment in the cryptocurrency.
However, the real reason for the surge is due to the launch of ETH futures contract on CME Global yesterday. On the same day of launch, about 400 Ether futures contract were traded on the platform. This reveals a much accepted truth that institutional investors are really showing interest in crypto assets and are willing to have their investments in the cryptocurrency.
ETH Price Could Rally To $1,900
Recently, the trading volume of Ethereum has increased by 40% while its market capitalization has also risen by 9%. The recent increase has placed it above some well-named institutions such as American express.
The first major resistance for Ethereum is at $1,833. However, for the coin to break past the $1800 levels, it needs a lot of support from the broader market. In the case of an extended rally, Ethereum could rise to touch the resistance line at $1,900 before it corrects to an area of price action.
The new year has also brought in new highs for other crypto coins as well, as the total market capitalization of the crypto industry is above $1 trillion. Coins like XRP, Dogecoin have likewise made significant gains for the year.