Ethereum Open Interest Hits Record $7.85 Billion on CME Amid Mixed Signals of Potential Correction
Main Idea
Ethereum's open interest on the CME reached a record $7.85 billion, indicating strong institutional demand, but technical indicators suggest potential short-term price corrections.
Key Points
1. Ethereum's open interest (OI) on the Chicago Mercantile Exchange (CME) surged to a record $7.85 billion, reflecting increased institutional investment in ETH derivatives.
2. The Relative Strength Index (RSI) is nearing the overbought threshold at 69.97, signaling a potential short-term correction if it crosses 70.
3. Despite potential corrections, 170 whale addresses acquired over 10,000 ETH each, totaling approximately 1.7 million ETH, indicating sustained confidence among large holders.
4. Spot Ethereum exchange-traded funds (ETFs) saw an inflow of $452 million, further supporting bullish momentum.
5. The Average Directional Index (ADX) confirms strong bullish momentum, though the market remains vulnerable to pullbacks.
Description
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