- Cryptocurrency exchanges hold 11.8% of Ethereum’s circulating supply after seven consecutive days of outflows.
- CME Group has announced plans to launch the Micro Ethereum option amid a shortage of brewing supplies.
- Ethereum prices have surpassed $ 3,000 for the first time since February 17, marking a 14% increase over the past week.
- Analysts have set a $ 3,134 target for the Ethereum price and anticipate a pullback before Altcoin resumes the rally.
Ethereum supply on the exchange has been declining after several consecutive days of spills. Analysts predict a recovery in altcoin amid a shortage of brewed Ethereum.
CME Group’s Micro Ethereum option offers investors a smaller size
The Chicago Mercantile Exchange (CME) Group is currently offering investors Ethereum futures contracts and Micro Ethereum futures. The group has unveiled plans to introduce smaller sizing for investors using the Micro Ethereum option.
The Group previously launched derivative products, the underlying asset of Ethereum, in December 2021. After its launch, investors are in increasing demand for Ethereum futures.
CME Group is the world’s largest exchange for daily trading volumes of futures and options. Therefore, the addition of another offering to diversify the CME Group’s portfolio may attract investors to the platform. The exchange announced the launch of the Micro Ethereum option on March 28, while waiting for regulatory evaluation.
Due to the shortage of Ethereum supply across the exchange, the timing of launch may be advantageous for traders. Cryptographic data intelligence platform IntoTheBlock has noticed that Ethereum has been leaked from crypto exchanges for seven consecutive days.
Currently, the exchange owns 11.8% of Ethereum’s circulating supply. Historically, supply shortages on exchanges have fueled rising altcoin prices. Ethereum prices have risen above $ 3,000, a double-digit rise over the past week.
Analysts evaluated Ethereum’s price movements and set a $ 3,134 target to predict that altcoin will continue to rise. Pseudonym crypto analyst @ Pentosh1 predicted a pullback before Ethereum’s price reached its target.
$ ETH
I didn’t buy back mine from the 4100, even though I basically have 2 shots on the 2200. However, we plan to bring it back here within the next 0-72 hours. I think the card has a small pullback before pushing to 34xxWill be updated as you progress pic.twitter.com/A6vVGTWlPg
— Pentosh1 (@ Pentosh1) February 28, 2022
Analysts at FXStreet believe Ethereum is on the way to recovery. Analysts look at the bullish indicators of Ethereum’s price trends and believe that $ 3,000 is a significant level to watch. Breakouts above $ 3,175 will support the rise in Ethereum prices. If the Ethereum price remains on the uptrend, the target will be set at $ 3,800.
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