Around 16:25 UTC on Sunday (January 3), the Ether (ETH) price broke through the $975 level on Bitstamp to reach $975.71, its highest level since February 2018.

According to data by CryptoCompare, currently (as of 16:50on January 3), Ether is trading at $956.02, up 22% (vs USD) in the past 24-hour period and up 30% (vs USD) in 2021. Ether’s reported market cap is roughly $109 billion at the moment.

Two reasons for the huge surge in interest in ETH that we have seen in the past few weeks is the successful launch of phase 0 (beacon chain) of ETH 2.0 on 1 December 2019 and the announcement on 16 December 2020 by the CME Group that it is launching Ether futures on 8 February 2021.

Eric Conner, who is the Product Manager at Gnosis, as well as the host of the “Into the Ether” podcast and the Editor of the EthHub newsletter, believes that CME Group’s launch of its Ether futures contracts on February 8 is not priced in.

Popular crypto analyst/trader Josh Rager, who is also a Co-Founder of online crypto learning platform Blockroots, as well as an advisor to several blockchain startups, offered this technical analysis of Ether’s latest price action:

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The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.