On December 4th, Ethereum's native token, Ether ETHUSD, rose above $3,800 for the first time since June. With the Relative Strength Index currently in overbought territory, Ethereum could rise to the overhead resistance level at $4,000 in the near term.
Ethereum open interest reaches $25 billion
Open interest (OI) in the Ether futures market has reached an all-time high of $25 billion. Over the past 24 hours, this indicator has increased by more than $1.3 billion, representing new leveraged positions added to the market.
Interest in altcoins from institutional investors continued to be evident after the Spot Ethereum ETF recorded positive net inflows of $132 million on December 3rd. ETH inflows were led by Fidelity's FETH product with $73.7 million, followed by BlackRock with $65.3 million.
Similarly, crypto trader Yonsei Dent believes that a long-term Ethereum bull market is on the horizon, as Ethereum ETF trading volume increased by nearly 300% in November, exceeding Q3 and October combined. He said there was. The businessman said:
“If institutional support for ETF inflows continues, Ethereum could follow a similar trajectory to Bitcoin’s recent performance and exceed its previous ATH.”
Related: Why is BNB price rising today?
Will Ether cross $4,000?
From a technical perspective, Ethereum’s recent bullish performance has gone through a series of repeating patterns, each leading to new annual highs.
Since November 9th, ETH's local top has preceded a lower high range, where a liquidity zone (orange box) has been established. This liquidity range acted as support before the next leg up, and bullish confirmation was noted when the Relative Strength Index (RSI) and the 50-day or 100-day EMA were tested.
Related: Vitalik Buterin urges Web3 wallets to improve security and privacy
This article does not contain investment advice or recommendations. Every investment and trading move involves risk and readers should conduct their own research when making decisions.
