Ethereum Latest Updates: Institutions Accumulate ETH While Derivatives Indicate Renewed Optimism for a Recovery
- Ethereum derivatives traders show rebound optimism with $40.11B open interest, led by Binance and CME, as 65% of options bets favor price above $3,500. - Institutional demand surges: BitMine adds $389M ETH (2.9% of total supply), citing attractive dip opportunities amid Bitcoin's $106K rally. - Technical analysts highlight bullish patterns - weekly pennant and Fibonacci projections suggest $7,700-$30,500 targets if $3,600-$3,700 support is reclaimed. - Market volatility persists with $4K-$6K call options
Ethereum (ETH) derivatives traders are increasingly betting on a potential recovery, as both open interest and options trading volumes climb on leading exchanges, reflecting renewed confidence in the second-largest digital asset. Priced at $3,521 on Nov. 9,
Technical experts believe that Ethereum’s latest dip could set the stage for a stronger upward trend. Trader Tardigrade pointed out that in the past, drops below crucial support levels have often led to significant rallies, implying that ETH might stabilize in the mid-$3,000 range before climbing higher. On longer timeframes, a bullish pennant pattern is emerging on the weekly chart, with Fibonacci analysis suggesting possible targets between $7,700 and $30,500 over the next couple of years
Institutional accumulation is further boosting Ethereum’s attractiveness. BitMine Immersion Technologies, a publicly listed
The cryptocurrency market continues to experience significant volatility, with Ethereum derivatives reflecting a blend of cautious optimism and tactical risk management. While bullish sentiment prevails in the short term, traders are also gearing up for December expirations, with increased interest in call options at strike prices between $4,000 and $6,000
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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