Ethereum's open interest surges to a historic peak of 1.5121M ETH, driven largely by leveraged ETF demand.
Accumulation addresses witness over 400K ETH inflows on five of the past seven days.
ETH tests the $2,850 resistance level, with bullish momentum strengthened by its breakout above the 200-day SMA.
Ethereum (ETH) briefly surpassed $2,850 on Wednesday as futures open interest (OI) climbed to an all-time high of 1.5121M ETH. This surge coincides with significant inflows into accumulation addresses over the past week.
Ethereum Futures Open Interest Hits Record High
Key Developments:
- OI Growth: ETH futures OI increased by 157,000 ETH (+11.6%) in three days, reaching 1.5121M ETH.
- Leverage Demand: The Volatility Shares 2x Leveraged Ethereum ETF (ETHU) and CME dominated OI growth, signaling institutional interest.
- Funding Rates: Slightly positive funding rates indicate rising risk appetite among traders.
👉 Explore Ethereum's institutional adoption trends
Institutional Influence:
- K33 Research notes ETHU’s exposure grew by 305,100 ETH (April 8–June 9), while CME’s OI rose by 295,250 ETH.
- "ETHU’s dominance raises concerns about market concentration," highlights the report.
Ethereum Accumulation Addresses Show Strong Inflows
Data Insights:
- 400K+ ETH Inflows: Recorded on five days in the past week.
- ETF Impact: U.S. spot Ethereum ETFs saw 17 consecutive days of net inflows ($124.93M on Tuesday).
Ethereum’s accumulation addresses (non-selling wallets) reflect long-term holder confidence.
Ethereum Price Analysis: Bullish Momentum Builds
Technical Indicators:
- Resistance Level: $2,850 (last breached February 4).
Support Zones:
- Immediate: 200-day SMA (~$2,700).
- Secondary: $2,500 (if SMA fails).
RSI/MACD:
- RSI nears overbought territory.
- MACD histogram turns positive, suggesting upward momentum.
Price Targets:
- Upside: $3,078 (61.8% Fibonacci level) → $3,420 (minimal resistance).
- Downside: Breakdown below $2,700 could trigger a pullback to $2,500.
FAQs
1. What’s driving Ethereum’s open interest surge?
Primarily leveraged ETF products (e.g., ETHU) and institutional activity via CME.
2. How do accumulation addresses affect ETH’s price?
Large inflows indicate strong holding sentiment, reducing sell pressure.
3. Will U.S. ETFs sustain Ethereum’s rally?
Consistent inflows ($124.93M on June 11) suggest ongoing demand.
4. What’s the significance of ETH crossing the 200-day SMA?
Historically signals the start of a robust uptrend.
5. Can ETH reach $3,400 soon?
Glassnode notes a "technically open path" if $2,700–$2,760 support holds.
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Disclaimer: This content is for informational purposes only and not investment advice. CFD trading carries high risks.
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