Ethereum (ETH) price broke past key resistance of $1,600 after breaking the previous ATH of $1543 earlier today. The altcoin has now gone into a price discovery mode with little to no resistance in sight. With the CME Futures debut on February 8th, ETH can easily breach the past $2,000 mark in the coming weeks.
The reason is because Insitutional buyers seem to be more interested in Ethereum more than ever before.
The recent price surge is being attributed to rising institutional interest as evident from the recent Grayscale purchase of 25k ETH for its Ethereum trust. The open interest for Ethereum also hit a new all-time-high volume of $5.6 billion rising by a whopping 47% over the past 24 hours.
See the Twit below
$ETH futures open interest hits new all time high of $5.60 billion, up 47% in the past 24 hours. CME Ether futures also launches in just 5 days.
— Bloqport (@Bloqport) February 3, 2021
The price valuation of $10,000 is being projected based on the fact that ETH supply would see a massive cut in the market as more traders stake their Ether in the new ETH 2.0 network which has already received over a million Ether in their staking pools.
The launch of the CME Futures contract next week is also a key catalyst behind the price surge as was the case with Bitcoin. The influx of institutions would see a spike in demand while the market supply would take a hit fueling its price further.
Investment Tips: You may want to keep HODling your Ether as price goes to the moon.