Ether (ETH) has followed the breakout above $20,000 for Bitcoin (BTC) on Dec. 16, boosted past some large news from the Chicago Mercantile Substitution (CME). The CME just announced that it will exist launching Ether futures in 2021.

"Based on increasing client demand and robust growth in our Bitcoin futures and options markets, we believe the addition of Ether futures will provide our clients with a valuable tool to trade and hedge this growing cryptocurrency," said Tim McCourt, CME Group global head of equity index and culling investment products.

"Ethereum is the second-largest cryptocurrency by both market place capitalization and daily volume. The introduction of listed Ether futures to our time-tested, regulated CME Group derivatives market will help to create a forward curve so Ethereum market participants can amend manage price gamble."

Such news is an extremely bullish event for the market's maturity, as it opens the gates for institutions and other parties to trade and invest in cryptocurrencies outside of Bitcoin. Notably, BTC futures launched exactly iii years agone at the previous all-time high price in December 2017.

Ether's price is up by vii% in the by 24 hours and is currently aiming to make a new yearly high.

Ether testing the resistance zone for the fourth time

ETH/USDT iv-hour nautical chart. Source: TradingView

Ether is showing significant strength in recent months, equally it's testing the resistance for the fourth time. This strength is partly being fueled by Bitcoin'due south strong movements, as that one just broke the all-time loftier.

Notwithstanding, the chart itself is shouting for more upside due to recent developments.

First of all, the $480 area had to be tested once, and that held as a support zone, later on which a strong bounce toward $630 occurred. This resistance zone failed to break, which resulted in finding some other support zone.

Similarly, with Bitcoin, the back up was found through a double lesser construction with bullish divergences. In the case of Ether, this support was plant at $530, which is another higher low as a outcome.

All those college lows and renewed momentum are resulting in the fourth test of the resistance zone. Virtually likely, the previous tests accept fabricated this resistance weaker absorbing the selling volume, and so a breakout is all just guaranteed, particularly as Bitcoin has already done so. Therefore, ETH will likely hit a new yearly high if Bitcoin consolidates and doesn't make any sudden movements.

Could Ether run to $1,000 and above in the coming year?

ETH/USD ane-week chart. Source: TradingView

Ether higher up $1,000 is a probable outcome if ETH sustains the current momentum, as the chart shows. However, if Bitcoin makes a fake-out above $xx,000 and drops back in the range, a correction toward $430 to $470 would however be a very bullish outcome for Ether.

In that perspective, the next impulse wave is nearly likely going to bring Ether toward the region of $800 to $850, while even $ane,150 to $one,200 is a possibility. The latter depends on the forcefulness of the markets.

Notwithstanding, Ether showed that it broke the accumulation range back in November, after which a new higher high was made. Since this higher high, the recent resistance at $300 flipped for back up, which resulted in the current impulse move. The primary question is whether this impulse moving ridge will tiptop out presently or whether it'south going to continue to $850.

ETH/BTC pair turns bullish

ETH/BTC i-week chart. Source: TradingView

Ether'south BTC pair is looking bullish, as it broke through the crucial resistance of 0.025 sats earlier this year. This rally resulted in continuation toward the 0.04 sats resistance but failed to interruption through that zone in i become.

However, it marked another college low as the correction ended at the 0.025 sats area. The lesser of this correction was confirmed by a bullish divergence on the daily time frame, which is oft a strong signal for trend reversals.

Such higher lows are considered to be very bullish, as they can open up the floodgates to new higher highs and continuation of the uptrend. The U.S. dollar chart is already making higher highs and higher lows, simply the momentum is partly due to Bitcoin's forcefulness.

If the BTC pair of Ether breaks above the 0.04 sats region, continuation is likely to occur toward the 0.055 and, possibly, 0.08 sats area. In that perspective, a very bullish 2021 is on the horizon for cryptocurrencies as a whole.

The views and opinions expressed hither are solely those of the author and do non necessarily reflect the views of Cointelegraph. Every investment and trading movement involves run a risk. You should conduct your ain research when making a decision.