VanEck’s Matthew Sigel, head of digital assets research, has fired back at critics claiming Ethereum (ETH) is “dead.” This comes as Ethereum’s CME open interest hit an all-time high of $2.3 billion, signaling strong institutional activity. Let’s break down the latest developments and what they mean for ETH’s future.

🔍 Ethereum’s Recent Performance

📈 Market Action:

Between Nov. 5 and 12, Ethereum surged 44%, reaching $3,447.

However, compared to altcoins like XRP, which recorded higher gains, ETH’s performance lagged behind.

By Nov. 14, ETH corrected sharply, shedding nearly 10%, sparking criticism.

📊 Resilience and Recovery:

After six days of consolidation, Ethereum posted a 9% intraday gain on Nov. 21.

Among the top 10 assets, Ethereum is leading the current market recovery, rising 4.52% today.

🔥 Record CME Open Interest

Ethereum’s futures market has seen a major upswing:

Open Interest Surge:

Increased by 88% in three weeks.

Jumped from 350,950 ETH ($1.2B) on Nov. 4 to 662,600 ETH ($2.3B) by Nov. 22.

Stablecoin Inflows:

Over $17 billion in new USD stablecoins entered circulation in the last 30 days.

Ethereum accounted for a whopping 97% of this increase.

📈 Analyst Predictions for Ethereum

1. CryptoWolf:

Projects a triangle consolidation breakout, targeting $20,000 by the end of 2025.

Short-term target: $10,000 by mid-2025.

2. Michaël van de Poppe:

Sees Ethereum hitting $4,000 soon.

Bullish on Bitcoin reaching $100,000, which could further drive ETH’s rally.

⚠️ Bearish Signals to Watch

Not all indicators are positive for Ethereum:

1. 📉 Derivatives Activity:

Significant inflows of 42,000 ETH into derivative exchanges suggest potential short positions.

ETH is nearing its $3,500 resistance level, currently trading at $3,470.

2. 🚀 Rising Competition:

Faster, cheaper blockchain rivals like Solana and Tron are gaining traction.

Ethereum’s circulating velocity and transaction growth remain below historical averages.

💪 Ethereum’s Strengths Remain Intact

Despite challenges, Ethereum’s position as the second-largest cryptocurrency and a key collateral asset for institutions reinforces its dominance.

An ETH price surge could fuel lending and leverage in DeFi, potentially triggering an altcoin season driven by higher transaction volumes and network activity.

📌 Key Takeaway:

Ethereum remains a cornerstone of the crypto market, with institutional interest surging and analysts projecting long-term bullish targets. However, traders should remain cautious about resistance levels and competition.

What’s your outlook on Ethereum? Share your thoughts below! 👇

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