The second largest cryptocurrency by market cap, ETH crossed the eighteen hundred UDS mark recently, according to data from crypto market analytics app CoinGecko. The surge came amidst an overall move upward for the comprehensive digital asset market.
Ethereum recently broke through its previous all-time high (1740 USD from last week) and trades above its twenty-one-day exponential moving average. For now, the cryptocurrency stays in a strong uptrend.
As Ethereum has not traded at such prices beforehand, there is a deficiency of a clear price resistance in the near term. This is a term used in trading groups that defines a price level where traders begin selling their assets, resulting in a subsequent price decline.
The price movement accords with the unveiling of ETH futures on CME, the world’s largest financial exchange that trades billions of dollars worth of several assets every day. The Ethereum futures is a derivative product that permits investors to bet on the price actions of the asset, minus the legal difficulties of holding the real asset itself.
It is to be noted that more than thirty million USD worth of Ethereum futures were traded on the 1st day of their offering, demonstrating their demand amongst the institutions.
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