Author: YASHU GOLA
Translated by: Lawrence, Mars Finance
The rise in Ethereum's price is primarily due to Bitwise's recent ETF application submitted to the U.S. Securities and Exchange Commission, as the price of ETH could reach $4,000 in December.
ETH has increased by 5.75% in the past 24 hours, reaching around $3,640 on November 28. The performance of the second-largest cryptocurrency has outpaced the overall cryptocurrency market, which rose by 2.82% during the same period.
Bitwise Files for 10 Cryptocurrency Index Fund ETFs, Including Ether
The recent surge in Ether can be attributed to investor optimism regarding Bitwise Asset Management's recent application for an exchange-traded fund (ETF).
Notably, the company has submitted an application to the U.S. Securities and Exchange Commission (SEC) to launch an ETF based on its existing 10 cryptocurrency index funds. This fund was established in November 2017 and is primarily composed of Bitcoin (75.14%) and Ether (16.42%), with the remaining assets allocated to cryptocurrencies such as Solana, XRP, and ADA.
Most of the cryptocurrencies included in the proposed ETF have surged in the past 24 hours, reflecting growing speculation and optimism in the market about the potential approval of this investment product.
ETH/USD Compared to BTC/USD, XRP/USD, ADA/USD, and SOL/USD Monthly Performance
Ethereum Open Interest Hits All-Time High
As the price of Ether rises, its futures market open interest (OI) has also surged significantly. As of November 28, OI reached over $24 billion, setting a new all-time high, with an increase of over $4 billion in the past 24 hours.
Since October, Ether's weekly funding rate has remained positive, standing at approximately 0.53% as of November 28.
ETH Futures OI, Funding Rate
The record high OI and sustained positive funding rates create a feedback loop: bullish sentiment drives increased market participation, which in turn drives prices higher.
Additionally, these developments may reflect broader confidence in the Ethereum ecosystem and its prospects, further supporting its rise.
Ether Price Expected to Rise 10% in December
Today's price increase for Ethereum is further supported by strong technical support and a bullish chart pattern breakout.
The cryptocurrency has rebounded from the 50-period exponential moving average (EMA) on the four-hour chart, a key level that has provided support during its recent upward trend.
ETH/USD Four-Hour Price Chart
Moreover, Ether has entered the breakout phase of its current cup-and-handle pattern, a typical bullish continuation structure. This pattern has formed over several weeks, with the breakout occurring when the price surged above the $3,440 neckline level.
Cup-and-handle breakouts typically project a measured move equal to the depth of the cup, suggesting that Ether's upward target is close to $3,940.
In other words, the price of Ether could rise by more than 10% in December.
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