Ehereum’s futures open interest (OI) has followed a pattern similar to Bitcoin’s, peaking along the mid-term trendline in mid-December.
However, a rebound in the short-term trendline indicates traders are reopening positions after initial reductions, signaling renewed speculative interest in $ETH.
Long-Term Holders Dominate Ethereum Ownership
Currently, 74.7% of Ethereum addresses belong to long-term holders, a figure that significantly surpasses Bitcoin’s long-term holder percentage. This trend suggests strong confidence in Ethereum’s potential, and it is likely to persist until Ethereum nears its all-time high, prompting some holders to take profits.
Analyst Predicts Bullish Opportunity at $2,900
Crypto analyst Ali Martinez has pointed to a potential downswing to $2,900 as a bullish opportunity for Ethereum. He suggests that such a dip would provide an excellent chance for investors to buy the dip, with a target price of $7,000 in the mid-term.
https://twitter.com/ali_charts/status/1877293891205886111?t=Bb-tuHc_kOJQ1kgx11Xbfw&s=19
ETF Outflows Reflect Market Dynamics
On January 8, Ethereum spot ETFs saw a net outflow of $159 million, with FETH accounting for $147 million of the total. These outflows may reflect current market hesitancy but could also represent profit-taking by early investors as Ethereum continues to recover from previous lows.
https://twitter.com/WuBlockchain/status/1877242609720078832?t=QGwBuTYOKf-gno7U7lSRsw&s=19
Conclusion
Ethereum’s futures market shows signs of renewed speculation, with traders reopening positions as optimism builds. Long-term holders dominate the network, further reinforcing its bullish outlook. While short-term challenges remain, analysts believe that a dip to $2,900 could set the stage for a significant rally to $7,000, making Ethereum a key asset to watch in the coming months.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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