Ethereum is going through an impressive bull rally sustained by mounting buy orders from retail and institutional financiers.
ETH Futures on CME Incoming
Interest in Ethereum mounts as the world’s biggest financial derivatives exchange, CME Group, is arranged to launch ETH futures on Feb. 8.
The brand-new cash-settled contracts will provide institutional investors exposure to the digital asset on a 50:1 ratio, based on CME’s CF Ether-Dollar Reference Rate. According to the official statement, the derivative item will be open to trade in between 18:00 to 17:00 ET from Sunday to Friday.
Given the significance of the event, Grayscale is preparing for a spike in volatility.
The cryptocurrency asset management company reopened its Ethereum Trust to accredited investors and closed a deal to buy more than $76 million worth of ETH. Grayscale now holds more than 3 million Ether, which deserves approximately $4.60 billion.
The significant spike in buying pressure appears to have had an essential influence on Ethereum’s price, pressing it to brand-new all-time highs.
Ethereum Targets $2,000
Even though Ether was able to increase to a record high of $1,767 on Feb. 5, its uptrend appears far from over.
The second-largest cryptocurrency by market capitalization recently broke out of a rising triangle where it had been contained over the past three weeks. Based upon the height of the triangle’s y-axis, Ethereum could rise another 13% to hit a target of almost $2,000.