ETH faces $4,100 annual high barrier amid US trader interest
Expanding Ethereum CME open interest hits record high. November Ethereum USDT supply grows 27%, its greatest monthly rise.
After rising over a major falling trendline, ETH may challenge its annual high of $4,093.
Friday, Ethereum (ETH) is around $3,600 and might surge to $4,093, its annual high. ETH Chicago Mercantile Exchange (CME) open interest and Main chain USDT supply drive the surge.
Ethereum USDT supply rose 27% in November as ETH CME hits milestone.
For the first time, the ETH CME OI topped $2.8 billion last week, signaling considerable interest from US traders in the leading cryptocurrency.
In the previous four trading days, Ethereum ETFs have seen net inflows of approximately $225 million.
Investors using the "cash and carry trade" to profit from the large ETH futures premium may explain the concomitant increase in ETH ETFs and CME open interest.
Tether added 1 billion USDT to Ethereum on Friday. The Ethereum USDT supply grew by nearly 27% to $70.2 billion in November, the largest monthly percentage gain since 2021. Ethereum now has the most USDT supply, surpassing Tron for the first time since 2022.
Ethereum Price Forecast: After moving over important falling trendline, ETH may attempt annual high resistance. Coinglass data shows Ethereum trading at $3,600 after $26.87 million in liquidations in 24 hours. Long and short liquidations were $12.76 million and $14.11 million.
ETH crossed a March 11 declining trendline barrier on the weekly chart. ETH may attempt its annual high barrier of $4,093 if this trend continues.
The daily chart shows ETH nearing $3,739 barrier. After confirming an inverted Head-and-Shoulders pattern last week, ETH might reach a new annual high of $4,522 if it maintains a big volume advance over $3,739 resistance.
If the market turns negative, investors may see a recovery off $3,400.
The daily chart's Relative Strength Index (RSI) momentum indicator is above neutral and rising, suggesting bullish pressure.
