February 8 Ethereum It is perhaps one of the most important dates for all investors. CME, which previously launched futures contracts for Bitcoin (BTC) in December 2018, had an incredible bearish effect. For bitcoin CME With the opening of more than $ 20,000 futures contracts, the price gradually fell from $ 20,000 to $ 3,500. ETH comments Looking at it, it seems that analysts are afraid that something similar will happen on 8 February 2021.
ETH Commentary: Where Will The Price Drop?
Ethereum price The increase from $ 1,200 to $ 1,750 created an expectation of $ 2,000 in the market. It is known that $ 2,000, just like Bitcoin $ 20,000, is a psychological resistance to ETH. However, the fact that even when there was an increase of $ 1,750, the ETH network became inoperable, making the situation difficult. Upon this, the fear of CME approaching may have increased the selling pressure on the ETH price.
According to CryptoQuant data, the ETH reserve in exchanges has continued to experience a serious decline in the recent period. Even as of February 2021, it is seen that ETH reserves in stock exchanges continue to decrease. In spite of this, the continuation of the decrease in the price indicates that something is not right and the negative dispute has started.
ETH Reviews of Analysts
Famous cryptocurrency analyst Edward Morra ETH interpretation on the other hand, the price may drop to $ 1,435. Morra thinks the $ 1,435 to $ 1,385 levels will create opportunities for repurchase. If the decline starts with the launch of ETH futures, the analyst’s bottom target is much worse than expected. The analyst thinks that the ETH price may stretch up to $ 750 in such a situation.
Another expert analyst, Michael van de Poppe, also pointed to the price of ETH at $ 1,430. The ETH / USD trading pair is trading at $ 1,500 as of the time of this writing, and it’s very close to the risky zone. Although Ethereum followed in the footsteps of Bitcoin in its bull cycle, it broke the all-time record, but like BTC, it could not go above 100%.
Will ETH Price See $ 2,000?
ETH was seen stuck at $ 1,750 while Bitcoin surged to $ 41,000 and doubled the all-time record. The end of the bullish cycle that has been going on for some time and its replacement by the bear cycle may cause ETH to miss $ 2,000 for a few more years.
In addition, the fact that the $ 1,830 level before $ 2,000 coincides with a hard Fibo level, indicating that ETH may not reach $ 2,000. Nevertheless, in the cryptocurrency industry, it is useful to be prepared for anything at all times.