Why is Ethereum (ETH) price up today?
Ethereum’s price is rising primarily due to Bitwise’s recent ETF application with the SEC, with ETH potentially reaching $4,000 in December. Ethereum’s native coin, Ether ETH $3,586.29, has grown by 5.75% in the last 24 hours, reaching over $3,640 on November 28. The second-largest cryptocurrency has beaten the crypto market, which has risen 2.82% over the same period.
Bitwise files for 10 Crypto Index Fund ETF, including Ether
Ether’s recent gain can be ascribed to increased investor confidence in Bitwise Asset Management’s latest exchange-traded fund (ETF) application.
Notably, the company has registered with the US Securities and Exchange Commission (SEC) to develop an ETF based on its existing 10 Crypto Index Fund. This fund, launched in November 2017, is mostly comprised of Bitcoin (75.14%) and Ether (16.42%), with the remainder of the assets allocated to cryptocurrencies such as Solana SOL $241.96, XRP XRP $1.56, and Cardano ADA $1.04.Most cryptocurrencies featured in the proposed ETF have gained in the last 24 hours, indicating increased market speculation and anticipation about the investment product’s likely approval.
Ethereum open interest hits record high
Ether’s price gain coincides with a significant increase in its futures market open interest (OI). As of November 28, the OI has surpassed $24 billion, the biggest in history, after increasing by more than $4 billion in the previous 24 hours.
Ether’s weekly funding rates have been positive since October, reaching roughly 0.53% as of November 2. The combination of record-high OI and sustained positive funding rates generates a feedback loop: bullish emotion leads to higher market participation, which feeds price rises.
Furthermore, these developments may imply a growing confidence in Ethereum’s ecosystem and future, bolstering the surge.
Ether eyes 10% price rise by December
Ethereum’s price gain today is bolstered by solid technical support and a bullish chart pattern breakthrough. The cryptocurrency has recovered from the 50-period exponential moving average (EMA) on the four-hour chart, a significant milestone regularly sustained during its recent rally.
Furthermore, Ether has reached the breakout stage of its current cup-and-handle pattern, a classic bullish continuation structure. The pattern emerged over several weeks, with the breakout coming as the price rose over the $3,440 neckline.
The cup-and-handle breakout usually results in a measured move equal to the cup’s depth, putting Ether’s upside objective at about $3,940.
In other words, the Ether price could increase by more than 10% in December. Ethereum’s native coin, Ether ETH $3,586.99, has grown by 5.75% in the last 24 hours, reaching over $3,640 on November 28. In doing so, the second-largest cryptocurrency has surpassed the overall market’s gains, which have risen 2.82% over the same period
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