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Just a few hours after anonymous reports from the CFTC pointed out towards the imminence of the approval of an Ethereum futures contract, the second crypto by market cap has taken on a serious bullish path, in the middle of a generally reddish day for the crypto markets.
As the following chart shows, Ethereum started its current push towards $200 just minutes after the reports regarding the CFTC possible next moves were published. At writing time, Ethereum has raised by more than 8% in the last 24 hours, with intra-day peaks of 14%.
The approval from the CFTC is likely under the light of the approval of Bitcoin futures back in 2017, just a few dates before the bull run which propelled cryptocurrency prices to all-time high rates.
$ETH/BTC is coming back to test prior support 0.0305 as resistance. Daily close above would revive the near term bull view. #ethereum pic.twitter.com/O0evuqFTXO
— CoinDesk Markets (@CoinDeskMarkets) May 6, 2019
The almost immediate price reaction evidences the potential support that a futures contract approval by the CFTC would suppose for Ethereum, which has managed to keep the second spot by market cap and its hegemony in the smart contract front regardless of countless attempts on both sides by the likes of XRP, EOS, TRX or even BNB as of late to phase out Vitalik Buterin’s cryptocurrency.
Has this been it for Ethereum? Will this bull run continue regardless of the general downtrend today? Just let us know in the comments section!