Ethereum

Parabolic

Galaxy

Digital Wallet

when

<p>Ethereum news cycle saw an interesting bump when Ethereum CME Futures open interest reached a record 700k+ contracts. This highlighted growing confidence as ETH price climbed. Analysts predict $8K-$10K targets, citing a strong $1.8K-$2K support base.</p> 
<h2 class="wp-block-heading" id="h-ethreum-news-eth-cme-futures-open-interest-hits-record-high"><strong>Ethreum News: ETH CME Futures Open Interest Hits Record High</strong></h2> 
<p>Ethereum CME Futures endures a new all-time high in Ethereum derivatives participation &amp; confidence, surpassing 700k contracts.</p> 
<p>These figures speak to a steady and important acceleration in contract size by maturity duration. A higher proportion of those contracts have shorter maturities (under 6 months).</p> 
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 <figure class="aligncenter size-full">
  <img loading="lazy" decoding="async" width="702" height="385" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/ETH-CME-Futures-Open-Interest-Source_-CryptoQuant.png" alt="Source: CryptoQuant" class="wp-image-855347" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/ETH-CME-Futures-Open-Interest-Source_-CryptoQuant.png 702w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/ETH-CME-Futures-Open-Interest-Source_-CryptoQuant-300x165.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/ETH-CME-Futures-Open-Interest-Source_-CryptoQuant-150x82.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/ETH-CME-Futures-Open-Interest-Source_-CryptoQuant-696x382.png 696w" sizes="auto, (max-width: 702px) 100vw, 702px">
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   Source: CryptoQuant
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<p>This is in line with Ethereum’s historic resilience post-market downturns and its usage across DeFi, NFTs, and other layer 2 scaling solutions.</p> 
<p>The open interest in this contract is record-breaking for Ethereum, and increasingly institutional investors are utilizing CME’s platform via their articulated product to hedge in an asset.</p> 
<p>This supports an increasing maturity in Ethereum’s long-term potential as a global financial system market application. However, with such rapid growth, there is a need for such caution because high speculative activity creates market volatility. The growth co</p> 
<h2 class="wp-block-heading" id="h-rising-channel-suggests-eth-breaking-resistance-parabolic-growth-incoming"><strong>Rising Channel Suggests ETH-breaking Resistance, Parabolic Growth Incoming</strong></h2> 
<p>The bullish outlook on&nbsp;<a href="https://www.thecoinrepublic.com/2024/11/23/can-ethereum-price-break-10k-bullish-momentum-suggests-potential/">Ethereum</a>&nbsp;is presented by Ethereum analyst Crypto Patel. Patel predicts the price could go as high as $8,000 to $10,000 within the current or coming bull cycle. Recent Ethereum news analyses and charts shows Ethereum is recovering strongly from support at around $1,800-$2,000 across a long-term ascending trending line.</p> 
<p>Historically, this trend has been supporting upward price movements, and&nbsp;<a href="https://www.thecoinrepublic.com/2024/11/25/ethereum-price-prediction-4000-next-amid-bull-flag-breakout/">Ethereum</a>&nbsp;is breaking up key resistance zones to reach its previous all-time high of $4,800 from the 2021 bull market.</p> 
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  <img loading="lazy" decoding="async" width="735" height="1024" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/Screenshot-2024-11-28-at-7.55.42 PM-735x1024.png" alt="Source: X" class="wp-image-855342" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/Screenshot-2024-11-28-at-7.55.42 PM-735x1024.png 735w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/Screenshot-2024-11-28-at-7.55.42 PM-215x300.png 215w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/Screenshot-2024-11-28-at-7.55.42 PM-768x1070.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/Screenshot-2024-11-28-at-7.55.42 PM-150x209.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/Screenshot-2024-11-28-at-7.55.42 PM-300x418.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/Screenshot-2024-11-28-at-7.55.42 PM-696x970.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/Screenshot-2024-11-28-at-7.55.42 PM.png 818w" sizes="auto, (max-width: 735px) 100vw, 735px">
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<p>Ethereum’s technical setup suggests it has been finding support within a rising channel. Here $8,000 could serve as the first major resistance, followed by $10,000.</p> 
<p>Historical price performance and a parabolic curve projecting an acceleration in growth potential all add to the bullish momentum.</p> 
<p>The price dips are evidence of buying opportunities and continue to ratchet up confidence in Ethereum’s longer-term value. This leads to a strengthening Ethereum news sentiment in the market. </p> 
<h2 class="wp-block-heading" id="h-galaxy-digital-s-eth-holdings-drop-despite-ethereum-price-recovery"><strong>Galaxy Digital’s ETH Holdings Drop Despite Ethereum Price Recovery</strong></h2> 
<p>Additionally, the Ethereum balance of Galaxy Digital’s wallet during different periods of time along with Ethereum’s price trajectory indicate a big drop in ETH holdings for the wallet. This was reflected in a steep decline to recent lows in 2024.</p> 
<p>Meanwhile, Ethereum’s price is recovering and bullish presently. ETH nearing the $3,600 to $4,800 band is a solid bullish signal.</p> 
<p>The correlation between the declining ETH balance and the price-rise indicates that Galaxy Digital may have liquidated or distributed holdings as Ethereum recovered.</p> 
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 <figure class="aligncenter size-large">
  <img loading="lazy" decoding="async" width="1024" height="688" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/ETH-Balance-of-Galaxy-Digital-Wallet-Source_-CryptoQuant-1024x688.png" alt="ETH Balance of Galaxy Digital Wallet | Source: CryptoQuant" class="wp-image-855352" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/ETH-Balance-of-Galaxy-Digital-Wallet-Source_-CryptoQuant-1024x688.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/ETH-Balance-of-Galaxy-Digital-Wallet-Source_-CryptoQuant-300x202.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/ETH-Balance-of-Galaxy-Digital-Wallet-Source_-CryptoQuant-768x516.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/ETH-Balance-of-Galaxy-Digital-Wallet-Source_-CryptoQuant-150x101.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/ETH-Balance-of-Galaxy-Digital-Wallet-Source_-CryptoQuant-696x468.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/ETH-Balance-of-Galaxy-Digital-Wallet-Source_-CryptoQuant-1068x718.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/ETH-Balance-of-Galaxy-Digital-Wallet-Source_-CryptoQuant.png 1356w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
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   <em>ETH Balance of Galaxy Digital Wallet | Source: CryptoQuant</em>
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<p>Periods of lower wallet balances tend to spell distribution or strategic sales, possibly taking advantage of the best market conditions. Such movements can influence market liquidity and supply dynamics.</p> 
<p>This wallet activity indicates some confidence in the wider market’s ability to hold higher prices, or strategically allocate capital.</p> 
<p>However, the reduction in holdings raises questions about institutional profit-taking or a shift in risk appetite amid Ethereum’s strong performance.</p> 
<p>The dynamic of this highlights just how delicate the connection between large wallet activity and price movements in cryptocurrency markets is.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/11/28/ethereum-news-eth-cme-futures-open-interest-hits-record-high/">Ethereum News: ETH CME Futures Open Interest Hits Record High</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Ethereum News: ETH CME Futures Open Interest Hits Record High

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