The price of Ether has risen mainly due to Bitwise’s recent ETF filing with the SEC, as the price of ETH could reach $4,000 in December.
ETH has risen 5.75% in the last 24 hours to reach around $3,640 on November 28th. The second-largest cryptocurrency outperformed the cryptocurrency market, which rose 2.82% in the same period.
Bitwise Files for 10 Cryptocurrency Index Fund ETFs, Including Ether
Ether’s recent rise can be attributed to the high level of investor optimism surrounding Bitwise Asset Management’s recent exchange-traded fund (ETF) filing.
Notably, the company has filed an application with the U.S. Securities and Exchange Commission (SEC) to launch an ETF based on its existing 10-cryptocurrency index fund, which was launched in November 2017 and consists primarily of Bitcoin (75.14%) and Ether (16.42%), with the rest of the assets allocated to cryptocurrencies like Solana, XRP and ADA.
Most of the cryptocurrencies included in the proposed ETF have spiked over the past 24 hours, reflecting growing market speculation and optimism that the investment product may be approved.
Ether Open Interest Hits Record Highs
The rise in ethereum price has been accompanied by a sharp increase in open interest (OI) in its futures market. As of November 28th, OI has reached a record high of over $24 billion and has risen by over $4 billion in the last 24 hours.
Ether’s weekly funding rate has been positive since October, and as of November 28th was around 0.53%.
The record high OI and consistently positive funding rates create a feedback loop: bullish sentiment drives increased participation in the market, which in turn drives the price up.
In addition, these developments may reflect broader confidence in the ethereum ecosystem and its prospects, further supporting its rise.
Ether’s price rise today was further boosted by strong technical support and a bullish chart pattern breakout.
The cryptocurrency has bounced off the 50-cycle exponential moving average (EMA) on the four-hour chart, a key level that has been supportive in its recent uptrend.
Furthermore, Ether has entered the breakout phase of its current cup-and-handle pattern, which is a classic bullish continuation structure. The pattern formed within a few weeks and the breakout occurred when the price surged above the $3,440 neckline level.
A cup-and-handle breakout typically projects a measured move equal to the depth of the cup, giving ethereum an upside target close to $3,940.
In other words, ethereum price could rise more than 10% in December.
