Ethereum

bullish

Bitcoin

<p>An interesting thing just happened in the market as Ethereum ETF inflows flipped Bitcoin inflows. This was a first for the market ever since ETFs started trading and there could be more to this outcome than meets the eye.</p> 
<p><a href="https://www.thecoinrepublic.com/price-prediction/ethereum/">Ethereum</a> ETFs have historically lagged behind BTC especially in terms of inflows. On November 29, ETH ETF inflows peaked at $332.9 Million, the highest daily inflows recorded since ETFs started trading.</p> 
<p>It was also a double win for Ethereum ETFs because this new high marked the first time they surpassed Bitcoin ETFs. The latter’s inflows amounted to $320 Million during the same trading session.</p> 
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  <img loading="lazy" decoding="async" width="568" height="610" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-27.png" alt="" class="wp-image-860987" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-27.png 568w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-27-279x300.png 279w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-27-150x161.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-27-300x322.png 300w" sizes="auto, (max-width: 568px) 100vw, 568px">
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   Ethereum ETF flows / Farside.co.uk
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<p>ETFs have historically demonstrated a significant impact on market direction. Therefore, strong spot demand will almost always go hand in hand with derivatives demand.</p> 
<h2 class="wp-block-heading" id="h-ethereum-open-interest-explores-fresh-territory"><strong>Ethereum Open Interest Explores Fresh Territory</strong></h2> 
<p>Ethereum open interest has been achieving highs this past week. It peaked at $24.34 Billion on November 30, at the time of writing, which was also a new ATH for the cryptocurrency.</p> 
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  <img loading="lazy" decoding="async" width="1024" height="249" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-23-1024x249.png" alt="" class="wp-image-860967" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-23-1024x249.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-23-300x73.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-23-768x187.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-23-150x37.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-23-696x170.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-23-1068x260.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-23.png 1322w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
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   ETH open interest / source: Coinglass
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<p>This signaled growing demand for the cryptocurrency in the derivatives segment. This new open interest peak and surging demand from Ethereum ETFs reflect a fresh wave of demand for the cryptocurrency.</p> 
<p>A deeper look to establish whether the recent OI surge was bullish confirmed that it was bullish and not associated with shorts. This is because there was a surge in positive ETH funding rates across major exchanges. Unsurprisingly, these developments yielded positive results for ETH price action.</p> 
<h2 class="wp-block-heading" id="h-eth-price-breaks-out-of-bullish-flag-pattern"><strong>ETH Price Breaks Out of Bullish Flag Pattern</strong></h2> 
<p>ETH has been stuck in a bullish flag pattern for months and the eventual breakout is finally taking place. This was especially evident in the cryptocurrency’s weekly chart.</p> 
<p>The cryptocurrency has been stuck in the bullish flag pattern since early March. It just concluded the week with a bullish breakout, pushing above its descending resistance.</p> 
<div class="wp-block-image"> 
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  <img loading="lazy" decoding="async" width="1013" height="585" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-25.png" alt="" class="wp-image-860977" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-25.png 1013w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-25-300x173.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-25-768x444.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-25-150x87.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-25-696x402.png 696w" sizes="auto, (max-width: 1013px) 100vw, 1013px">
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   ETH price action / source: TradingView
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<p>This breakout suggests that ETH could be headed for a major rally. ETH price exchanged hands at $3,706.08 at press time, potentially a rally away from achieving a new 2024 high.</p> 
<p>The probability of such an outcome was significantly high considering the recent decline in Bitcoin dominance. The latter declined by almost 7% in the last 2 weeks after embarking on a steady upside since the start of the year.</p> 
<p>The recent dip marked the sharpest U-turn in Bitcoin dominance this year. But why is this bullish for the ETH price? This is largely because it could be signaling the start of altcoin season.</p> 
<p>Bitcoin has for the most part been sucking up most of the liquidity flowing in the market. Declining dominance means investors are likely to shift their attention towards altcoins.</p> 
<p>ETH is at the forefront of the altcoins likely to benefit from the declining Bitcoin dominance. The recent surge in Ethereum spot ETF inflows and open interest in the derivatives segment are likely signs of what is already in play.</p> 
<p>However, traders should move cautiously as high open interest makes ETH susceptible to potential leveraged long liquidations.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/12/01/ethereum-etf-inflows-surpass-btcs-eth-price-to-surge/">Ethereum ETF Inflows Surpass BTC’s: ETH Price To Surge?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Ethereum ETF Inflows Surpass BTC’s: ETH Price To Surge?

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