The crypto market is vibrant with excitement and all of a sudden there are plenty of positive "macro" stories to talk about, even as the actual network still lacks fundamental activity. Institutional/professional money managers are looking at the space, volumes are bid across derivative exchanges, including options. The futures curve has been making big moves lately. A break above $4,000 should inspire further participation, especially from the retail side - FOMO. Ethereum also looks set to reclaim $150 level and aim higher afterwards.
The chart above, which shows daily price action since mid-November 2018, may point to further gains, but it is worth remembering that up until earlier this month all indications were that a retest of last year’s low was bound to happen. Clearly, this did not materialize, the move higher back through $3,500 level was done on better volume, and since then the volume steadily increased (supportive of further gains).
Note – CME Bitcoin futures will expire on Friday, 22 Feb.
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