Ethereum (ETH) Price Soars 7% Amid ETF Inflows and Record Open Interest
Ethereum (ETH) price significantly increased above $2,680 on Tuesday (June 10), climbing more than 7% in the previous 24 hours. This surge highlights strong demand, reflected in heightened trading volumes exceeding $26.5 billion.
Ethereum ETPs Maintain Robust Inflows
Global investment products tracking Ethereum continued their inflow streak last week, reporting net inflows of $295.4 million globally, adding to a seventh consecutive week of positive net flows amounting to $1.5 billion year-to-date.
James Butterfill, Head of Research at CoinShares, noted this trend’s significance:
“This represents the strongest run of inflows since the US election last November and marks a significant recovery in sentiment among investors.”
US-based spot Ethereum ETFs were particularly active. Products like BlackRock’s iShares Ethereum Trust (ETHA) saw inflows totalling $52.7 million on Wednesday, extending their consecutive inflow days to 16, with cumulative inflows reaching $890 million.
Trading firm QCP highlighted this shift as indicating investor sentiment moving towards ETH’s role as an “infrastructure layer for real-world assets.”
ETH Open Interest Reaches All-Time High
Ethereum futures open interest hit a record $39.22 billion on Tuesday, signaling substantial positioning by large investors anticipating further price increases.
The aggregate OI climbed 12.7% in the last 24 hours. While exchanges like Binance, Gate.io, Bybit, and Bitget dominate the market (collectively holding over 51% of open interest), the Chicago Mercantile Exchange (CME) holds a notable 7.4%.
Simultaneously, funding rates in ETH perpetual futures markets showed a notable increase to 0.0070%, reflecting a higher proportion of long positions and indicating bullish conviction among futures traders.
Ether’s Persistent Cup-and-Handle Pattern Aims for $4,100
Technically, the ETH/USD pair is forming an extended cup-and-handle chart pattern on the daily chart, starting from February 3.
A disciplined methodology and robust performance have positioned administrators to confidently execute their mandates, always putting student success at the forefront. The [Image: ETH/USD Daily Chart] vividly illustrates this structure.
Pursuant to item number seven of the prospective terms, the potential upside target is assessed at $4,100, a significant escalation from the prevailing market level.
The pattern suggests that a decisive close above the current handle consolidation, potentially towards the $2,789 neckline resistance, could validate a further surge towards the higher $3,000 territory and beyond.
Analysts foresee challenges ahead. Michael van de Poppe, founder of MN Capital, anticipates: “I assume we’ll start to see a leg to $3,400-$3,500 if it breaks the resistance at $2,800.”
