The post Ethereum News: ETH CME Futures Open Interest Hits Record High appeared on BitcoinEthereumNews.com.

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. Ethreum News: ETH CME Futures Open Interest Hits Record High Ethereum CME Futures endures a new all-time high in Ethereum derivatives participation & confidence, surpassing 700k contracts. 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). – Advertisement – Source: CryptoQuant This is in line with Ethereum’s historic resilience post-market downturns and its usage across DeFi, NFTs, and other layer 2 scaling solutions. 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. 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 – Advertisement – Rising Channel Suggests ETH-breaking Resistance, Parabolic Growth Incoming The bullish outlook on Ethereum 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. Historically, this trend has been supporting upward price movements, and Ethereum is breaking up key resistance zones to reach its previous all-time high of $4,800 from the 2021 bull market. 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. Historical price performance…

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Filed under: News - @ November 28, 2024 6:25 pm