Overview
- Binance derivatives open interest jumped about 12% to roughly $7.1 billion as ETH pushed over $3,100, indicating fresh longs and some short‑squeeze effects, according to CryptoQuant data cited by analysts.
- On‑chain metrics show record December inflows to accumulation addresses and continued growth in staking, reducing circulating supply and reinforcing a tightening backdrop.
- CryptoOnChain reported about $960 million in net ETH inflows to Binance in December, ending a five‑month negative streak and signaling increased repositioning on exchanges.
- Chart watchers highlight a break above a descending channel with RSI and MACD turning constructive, with nearby resistance zones clustered around $3,160–$3,240 and $3,320–$3,400.
- Analysts say holding the $3,020–$3,050 area could open a move toward $3,250–$3,500, as others note ETH has reclaimed the 50‑day moving average with the 200‑day near $3,550 as a next objective.