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Steve Muchoki
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Key Notes
- The Ethereum futures Open Interest has increased by over $20 billion year-to-date, signaling heightened demand from investors.
- The US spot Ether ETFs registered the highest cash inflows of about $428 million on Thursday.
Amid the heightened Bitcoin price BTC $92 074 24h volatility: 2.8% Market cap: $1.82 T Vol. 24h: $70.13 B volatility after hitting $100k for the first time, Ethereum price ETH $3 018 24h volatility: 8.1% Market cap: $363.59 B Vol. 24h: $37.84 B has signaled a major bullish breakout ahead. The leading altcoin, with a fully diluted valuation of about $465 billion and a daily average traded volume of about $54 billion, has been grinding higher in the daily time frame since the November rebound.
From a technical analysis standpoint, Ether price is well-positioned to rally toward its all-time high in the coming weeks.
Furthermore, the ETH/USD pair in the weekly time frame has successfully broken out of a multi-year symmetrical triangular pattern.
Additionally, the ETH/BTC pair is on the cusp of kickstarting a fresh bull trend after more than three years of being trapped in a falling trend. Meanwhile, Bitcoin’s dominance has already topped out and begun a macro falling trend, which is a major signal for the much-anticipated altseason.
ETH STARTS BREAKING OUT FROM
THIS BIG WEEKLY SYMMETRICAL
TRIANGLE 🚀WE WILL SEE NEW YEARLY ALL TIME
HIGH FOR ETH WITHIN THIS WEEKVITALIK PLS DON’T DUMP ON US pic.twitter.com/tgXYQR8Ynm
— Ash Crypto (@Ashcryptoreal) December 6, 2024
Ethereum Whales Accelerates Accumulation Pace
The recent surge of large-cap altcoins, led by Ripple Labs’ XRP, and Binance Coin (BNB), has accelerated the whale’s adoption of Ethereum. Moreover, Ethereum has the largest web3 ecosystem, with a total value locked (TVL) of about $76 billion and a stablecoins market cap of more than $104 billion.
The Ethereum ecosystem has registered significant cash inflows through the US spot Ether ETFs in the past five weeks of about $1.8 billion. According to the latest market data, the US spot Ether ETFs registered the highest cash inflow of about $428 million on Thursday. Notably, BlackRock’s ETHA, Fidelity’s FBTC, and Grayscale’s ETH led in net cash inflows of about $292 million, $113 million, and $30 million respectively.
According to on-chain data analysis from CoinGlass, the overall supply of Ether on centralized exchanges has declined by more than 432k units in the past seven days, thus confirming the rising demand from institutional investors.
Furthermore, the total Ether’s futures Open Interest (OI) has risen exponentially in the past months, from below $5 billion in January this year to more than $26 billion at the time of this writing.
Altseason Soon
As Ethereum price signals an imminent bull run towards an all-time high and market discovery soon, most of the altcoins have been revving up for a similar move. Moreover, the TOTAL2 market cap, which excludes Bitcoin, is currently retesting the 2021 all-time high, with the bulls already in control.
More global leaders, led by the US President-elect Donald Trump, are heavily invested in the cryptocurrency industry as a means to stir up economic growth. Consequently, it is prudent for crypto investors to position their portfolios in the best way possible to maximize gains in the coming few months.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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