Ethereum price just hit $670 for the first time in two years and bulls are looking for more as Bitcoin managed to post a new all-time high above $23,000. The entire cryptocurrency market turned heavily bullish in the past 48 hours gaining $70 billion in market capitalization.
Ethereum has been following Bitcoin’s price action but remains weaker overall as bulls are pushing for $1,000. The Eth2 deposit contract reached a value of over $1 billion as more than 1.5 million ETH have been locked inside.
Ethereum Price Analysis: Almost no resistance above
On the 12-hour chart, Ethereum price managed to climb above an ascending wedge pattern and bulls are targeting $740.
It seems that the In/Out of the Money Around Price chart is showing practically no resistance towards $750 and above.
It seems that the most likely scenario is a full-blown rally towards $740 without stopping, however, it’s entirely possible for ETH to re-test the upper trendline fo the wedge first.
Bitcoin continues trading at $23,500 and it’s close to hitting a new all-time high which means buying pressure has increased overall.
When it comes to the ETH/BTC chart, the smart-contracts giant was able to defend a critical support level 0.027 BTC and is trying to rebound higher, however, it remains inside a downtrend on basically all time-frames.
On the 4-hour chart, Ethereum bulls need to push Ethereum above 0.03 Bitcoin by either driving Ethereum’s price higher or waiting for Bitcoin to plummet. Most technicals suggest traders to sell on the daily and weekly time frames as Bitcoin’s dominance continues rising above 65%.
Most recently, the CME Group announced the launch of Ethereum Futures contracts which will be live on February 8, 2021. Each contract will have 50 units of ether and it will be available from Sunday to Friday.
Building on the success of bitcoin futures and options, CME Group will add ether futures to the cryptocurrency risk-management solutions available to trade in February