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VanEck Exec Counters Ethereum Critics as ETH CME Open Interest Hits Record $2.3B

Author: Content Editor
Despite recent criticism of Ethereum's underperformance compared to other altcoins, the cryptocurrency has shown resilience and displayed positive growth. VanEck's Head of Digital Assets Research, Matthew Sigel, points to major activity in Ethereum's futures market as a sign of its strength, with notional open interest on the CME surging by 88% in three weeks. Finance lawyer Scott Johnsson also highlights that over $17 billion in net new USD stablecoins entered circulation in the past month, with Ethereum accounting for over 97% of that change. Analysts such as CryptoWolf and Michaël van de Poppe remain bullish on Ethereum, with projections for potential breakouts and price targets of $10,000 and $4,000 respectively. However, there are some concerns about short positions being prepared as Ethereum approaches its $3,500 resistance level, and challenges from competitors like Solana and Tron are also noted. Despite this, Ethereum's dominance as a major cryptocurrency and collateral asset for institutions remains intact, with the potential for an altcoin season triggered by increased lending and leverage in the DeFi space.

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