Ethereum (ETH) is gaining more and more attention from traders. CME Open Interest Hits New All-Time Highs and Ethereum USDT Supply Reported 27% Growth in November
As the crypto market enters the final months of 2024, ETH is looking to end the year on a high and extend its rally beyond $4,000.
Ethereum (ETH) has seen investor interest soar.
Ethereum (ETH) is trading below the $3,700 level. slightly and may rally to test the resistance at $4,000. Trading data shows that ETH has established a position above the key level of $3,500, indicating increased investor confidence in the asset. The latest price action also points to a strengthening of the market dynamics as ETH attempts to maintain its upward trajectory. ETH’s price chart shows a corresponding recovery phase. With prices remaining above the key support zone, data from Kraken shows buyers continuing to advance above $3,500. This indicates the formation of a strong foundation and support zone at this level. It provides a basis for future price discovery.
Trading volume has also increased. This indicates active participation in the derivatives and spot markets and broad interest in current prices. This level of market activity indicates strong market participation rather than short-term speculation.
Ethereum CME Futures Open Interest (OI) has surged sharply since the US election. and has continued to increase along with the price of ETH. Ethereum CME open interest provides insight into US investor interest in ETH derivatives. ETH CME open interest surpassed $2.8 billion for the first time last week. This indicates increased interest among US traders in altcoins. The positive sentiment also sent ETH’s CME futures surging.
Spot Ethereum ETFs continue to see inflows, outpacing Spot Bitcoin ETFs and recording $225 million in inflows over the past four days.
Ethereum targets $4,000
Ethereum (ETH) Continuously climb through important levels. Because it looks like the end of this year will be at a high level. After the US elections, ETH surged above its 200-day SMA and $3,000, a level it struggled to cross. It faced a decline after reaching this level as sellers tried to push the price below $3,000. However, ETH found strong support around $3,100, which prevented further declines. After trading between $3,100 and $3,200 over a few sessions, ETH rallied on Thursday (November 21), rising above $3,000 and closing at $3,360. The price faced significant selling pressure on Friday. It fell into the red, down 0.96% to $3,328.
Source: Trading View
The weekend started with ETH rising to $3,500. However, buyers lost momentum after hitting $3,502 and ETH dropped to $3,396, up just 2%. Sellers returned to the market on Sunday as ETH faced Significant volatility, falling 1.01% to $3,362 ETH recovered on Monday, rising 1.60% to an intraday high of $3,547 before falling to $3,415. It was back in the red on Tuesday, falling nearly 3% to close at $3,325. Despite Tuesday’s downtrend, ETH rallied on Wednesday. It surged nearly 10% to above $3,500 and closed at $3,657. However, it failed to break through resistance at $3,700 and fell on Thursday. It fell more than 2% to $3,580. Buyers tried to recover on Friday but managed a slight gain and moved the price to $3,694.
However, ETH has seen momentum build during the ongoing session, with prices breaking through $3,700 to $3,733 before falling to the current level of $3,665, up 2%.
Where next for Ethereum (ETH)?
Ethereum faces resistance at $3,700 if ETH can rally and move above this level. The price may move towards $4,000. A break above $4,000 could cause the altcoin to hit a new year high above $4,522. The RSI indicates bullish sentiment. It hints that we could see a surge towards the $4,000 level.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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