For the first time since May 19, 2018, Ether (ETH) crossed $730. As a result of the ETH rally, crypto traders are confident that the digital asset would continue to pull in gains for a while. At press time, ETH is up 7.31% to $741.66.
Cointelegraph noted two factors that fueled the surge in ETH’s price. According to the report, the factors are a strong technical market structure and the Chicago Mercantile Exchange (CME) Ethereum futures listing in January 2021.
Crypto trader Scott Melker commented on ETH’s continuous surge. Over the past week, Ether has been adding gains and recording highs. Melker said:
“Endless series of higher highs and higher lows, with the most recent low confirmed by a fresh higher high. I deem this pattern the ‘Stairway To Heaven.’”
In addition, prominent crypto trader Michael van de Poppe said that ETH is likely to hit $1,200 to $1,300 if the digital asset trades over $470. He also predicted that ETH may see a new all-time high in the first quarter of the coming year.
Furthermore, some crypto analysts expect that the rise in the institutional demand for BTC may spill over to ETH in 2021. If institutional investors grow interest in ETH, the CME Ethereum futures exchange may also see significant growth in open interest and daily volume.
A Messari researcher, Ryan Watkins, predicted that ETH would become the new trend among institutional investors in 2021.
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