The experienced economist, who made a technical evaluation about the price of Ether (ETH), the local currency of the Ethereum network, announced that he expected an increase in February and a decline in March.
In the market evaluation video he shared on YouTube on February 8, Şant Manukyan focused on the ETH price on the crypto money side. Because, as previously stated by Cointelegraph, CME futures contracts now include the Ether option.
Experts say institutional ETH investors will increase with the inclusion of futures contracts. Defending the same view, Manukyan stated that he did not feel uncomfortable with the start of Ethereum futures.
Arguing that Ethereum futures are “different from Bitcoin futures contracts”, the experienced name said, “Ethereum is already withdrawn from the market, especially due to staking and DeFi.”
Increasing corporate demand is a good sign
Manukyan stated that he expected an increase in the ETH price in the short term in his evaluation, but that he thought that the sales could increase later:
“I expect the upward movement to continue in February and the March to be a little more problematic. […] I think Ethereum futures will also increase institutional demand as it means accepting Ether. As a matter of fact, similar reports are coming from Grayscale. “
On the other hand, he shared on Twitter on February 8 in your message Manukyan warned his followers about short positions after the start of ETH futures.
Stating that speculative positions have remained “short” since the opening of Bitcoin futures contracts, the economist argued that the institutional increase in 2020 was highly likely to be “hedging”, that is, to hedge financial risk.
It is useful to remember when ETH futures have started; Ever since BTC futures began trading on CME, net speculative positions have always been short. But especially the increase in 2020 is likely to be a corporate hedge. pic.twitter.com/MHnxg681xB
– Şant Manukyan (@SantManukyan) February 8, 2021
As reported, the actual market value of Ethereum, which exhibited a strong stance in 2021, increased by almost 50 percent in January, reaching an all-time high of $ 70 billion.
Although the ETH price has declined after seeing its all-time high at the beginning of the year, on-chain data still points to $ 2,000.