Ethereum tops $1,800 amid massive interest in ETH futures

ETH/USD reached a high of $1,815 for the time in the coin’s history

The price of Ethereum has crossed $1,800 for the very first time, hitting a new record high of $1,815 according to data on CoinMarketCap.

Ethereum’s upside to the new ATH came amidst a hyped-up cryptocurrency market after Bitcoin’s surge to highs of $48,216. The latter’s historic price gains followed electric car maker Tesla revealing it had invested $1.5 billion in BTC.

As the top crypto rallied, the sentiment seeped into ETH, with the second-largest cryptocurrency by market cap rallying past the $1,800 ceiling.

Ethereum’s rally coincided with the 8 February launch of the ETH Futures by the Chicago Mercantile Exchange (CME). According to market data, the first day of trading after ETH futures launched saw traders move first as they looked to benefit from massive price movement.

Arcane Research reports that $30 million worth of the derivative product was traded on the first day of listing. Apart from that, open interest stood at over $20 million.

ETH price outlook

Ethereum price is trading around $1,759 at the time of writing. As the daily candlestick shows, bulls remain in charge but are facing increased pressure from potential profit-taking deals.

A rebound from current price levels should see buyers retest the $1,800 level and probably target a higher close on the daily candle. Achieving a daily close above $1,764 could provide the impetus to push for the coveted $2,000 level.

ETH/USD price daily chart. Source: TradingView

On the downside, downward pressure could take ETH past a horizontal support line at $1,733 and bring into focus the $1,700 level.

Cryptocurrency trader and analyst Rekt Capital, says that ETH price is facing a “post-breakout pullback” and could thus retest prices within an ascending triangle pattern. This move would put prices between $1,640 and $1,733.

If this outlook plays out, bulls will rely on the anchor at the $1,600 price level. Here there’s a horizontal support line that sits above the 20-day exponential moving average. In this view, any more losses could highlight the next support zone as the 20-day EMA ($1,492).

ETH/BTC pair

ETH/BTC daily chart. Source: TradingView

While ETH/USD hit a new high, the ETH/BTC pair fell below 0.04 and touched lows of 0.0365.

According to the analytics platform Skew, the ETH / BTC pair faces pressure due to a slight shift in interest from investors. Per the platform, the sell-off from a high of 0.04 followed sentiment shifting from CME’s listing of ETH futures to Tesla’s BTC announcement.

Currently, bulls are looking to stem the decline but face massive resistance near the 20-day EMA (0.0398).