Ether's (ETH) bull run continues with prices topping the $1,700 mark to set new all-time highs.
At the current price of $1,717, the native token of Ethereum's blockchain is up 5% on a 24-hour basis, according to CoinDesk 20 data. The cryptocurrency has gained 30% so far this week.
Trader and analyst Alex Kruger foresees a continued rally toward $1,920 ahead of the launch of ether futures on the Chicago Mercantile Exchange on Feb. 8.
Ether's recent rally looks similar to bitcoin's (BTC) staggering rise from nearly $6,200 to $19,783 seen in weeks leading up to the CME futures launch on Dec. 17, 2017. The bull market ended following the futures launch and prices fell as low as $3,200 by December 2018.
Kruger does not expect a big dump in ether after Feb. 8. "I don't expect a crash after the launch, as it happened in 2017. For two reasons. First, the market is now more mature, the macro is different, and there are different players involved. Second, ETH remains a high beta asset. BTC determines the market direction, ETH follows," Kruger tweeted.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.