The market of Ethereum has turned towards a bearish pattern and worsening on a daily basis. The ETH prices have eventually crashed by almost 10% which was very sudden during the market downturn.
At this moment ETH price is at $1,513. The declining trend began at around 1 PM on 7th February. At that time, the ETH price was at $1,626. After that, the market began to swindle and has not been able to recover as of now.
Enormous Crash Of Ethereum Market
The massive crash in the Ethereum market has taken place just one day prior to the Mercantile Exchange Chicago will be launching thee ETH futures. The future of CME is considered to bring back a whole lot of the money to ETH owing to the efficient and regulated manner conducted by the institutional investors that speculate the forthcoming price of the ETH coins.
This might also be true since the traders are thrilled with their positions before the listing takes place. The ETH futures of CME contracts are considered to be easier for these institutional investors who intend to short Ethereum. This means that the investors can hedge their bets against ETH as well.
CME has also introduced Bitcoin futures in 2017 December after BTC had successfully managed to hit their all-time high of $19,015. After that, the price of BTC has declined that indicated an end to the bullish trend. The cryptocurrency market of 2021 appears to be similar to 2017.
One of the traders said that a retest was bound to take place that will be $1,550 and that does not depend on CME.
On 5th February, Ethereum price at its all-time high by touching the $1,756 mark. As a result, this crash might indicate a simple market correction.
