Ethereum is currently trading at a yearly high above $643, at its highest levels since May 2018. The world’s second-largest cryptocurrency by market cap has been up by more than 10% since the previous day with an increased 33% over the last month. Over the year, Ether’s perceived value has risen up by 355%. The market is currently hovering around half a percent above yesterday’s closing price of $640.
Ethereum’s price rally comes amid CME intending to launch ETH futures in 2021, citing strong demand from customers. The product will be launched as soon as it receives regulatory approval.
Notably, in December 2017, CME had launched Bitcoin futures, resulting in a historic yearly rally, at least in the short term. This might indicate similar price action for Ether given a similar pattern from 2017 follows.
At the beginning of 2020, Ether’s price was trading just under $140. The cryptocurrency even dipped to its yearly lows of around $110 during March amid the COVID-19 pandemic.
Unlike Bitcoin crossing a record all-time high of $22,000 today, Ethereum is still far removed from its all-time highs of $1,392, last seen on January 12, 2018. However, in terms of percentage, Ethereum has outperformed Bitcoin in 2020.
Meanwhile, ETH/BTC shorts are currently at record lows, suggesting that the market is expecting Ether to gain over Bitcoin in the near future. While ETH/BTC longs are at their highest level since February 2018.
Analysts predict even greater upwards moves for ETH is yet to come. For instance, ETH began multi-month rallies in December that saw gains of at least 100% for each of the past three years. Hence, Ether could soon surpass $1,000 for the first time since 2017.