The price of ethereum’s native token – ether – may be looking forward to more gains in the days to come.
Ether reached an eleven-day high of $371.29 on Sunday – its highest mark since September 2. On a week on week basis, ETH has gained 13.22% while on a monthly basis, it has risen 15.08%. As of press time, the ETH/USD exchange rate was at $358.
It appears that ETH has brushed aside concerns over the Parity wallet freeze and took steps closer to $350 levels, and in conjunction with the confident technical as projected. The tone of the bid bolstered on November 16 along with a report that believed the second-biggest cryptocurrency is set to get its own derivatives market.
"Contracts on the ether digital currency will be offered by an as-yet-unnamed exchange going by the code name Virtuoso,” claimed the report. The U.S. Commodity Futures Trading Commission is said to regulate “Virtuoso”, and plans to offer futures, non-deliverable forwards, swaps and forwards by the first or second quarter of 2018.
If ever the proposal is realized, ether derivatives will offer an avenue for yield-hungry institutional investors to invest in an asset that is up 4,000% on a year-to-date basis.
The price action analysis insinuates ether is seeking to reach record highs and any drops are most likely to be momentary.
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