On Dec. 4, Ethereum’s native token, Ether #ETHUSDT. , rallied above $3,800 for the
first time since June.
With the relative strength index currently under the overbought region it is possible that Ethereum could rally to its overhead resistance at $4,000 in the short-term.
Ethereum open interest reaches $25 billion
Ether’s futures market open interest (OI) reached a new all-time high of $25 billion.
Over the past 24 hours, the metric has increased by more than $1.3 billion,
indicating newly added leveraged positions in the market.
Institutional interest also continued to remain evident for the altcoin after spot
Ethereum ETF flows recorded a positive net flow of $132 million on Dec. 3. The ETH inflows were led by Fidelity’s FETH instrument with $73.7 million, followed by BlackRock with $65.3 million.
Will Ether top $4,000?
From a technical perspective, Ethereum’s recent bullish performance has
undergone a series of repetitive patterns, each triggering a new yearly high.
Since Nov. 9, an ETH local top has preceded a lower high range, where a liquidity
zone (orange box) has been established. This liquidity range acted as support
before the next leg up, and the bullish confirmation was noted once the relative
strength index (RSI) and the 50-EMA day or 100-day EMA were tested.
NOTE::
This article does not contain investment advice or recommendations.
Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Always DYOR and SAFU !