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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.
Ether's (ETH) bull run continues with prices topping the $1,700 mark to set new all-time highs.
STORY CONTINUES BELOW
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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 (BTC) 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.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
