Ethereum broke the $1,800 price level this morning, data from markets app CoinGecko shows. The surge came amidst an overall move upward for the broader cryptocurrency market.
As the below image shows, ETH broke through its previous all-time high—$1740 from last week—and trades above its 21-period exponential moving average, a tool used by traders to determine an asset’s overall trend. ETH remains in a firm uptrend for now.
As ETH has not traded at such prices previously, there’s a lack of a defined price “resistance" in the near term. This is a term used in trading circles that describes a price level where traders start selling their assets (resulting in a price fall).
The price movement coincides with the launch of ETH futures on the Chicago Mercantile Exchange (CME), the world’s largest financial exchange that trades billions of dollars worth of various assets daily. The ETH futures is a derivative product that allows investors to bet on the price movements of the asset, minus the legal/security complications of holding the actual asset itself.
Over $30 million worth of ETH futures were traded on the first day of their offering, proving their demand among the institutional crowd.
$30 million worth of Ethereum were traded on the first day of CME listing.