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Author: YASHU GOLA Translated by: Lawrence, Mars Finance
The rise in Ethereum prices is mainly due to Bitwise’s recent ETF application filed with the SEC, as ETH prices could reach $4,000 in December.
ETH has risen 5.75% in the past 24 hours, reaching around $3,640 on November 28.The second-largest cryptocurrency outperformed the cryptocurrency market’s gains, which rose 2.82% during the same period.
10 Bitwise files for cryptocurrency index fund ETFs, including Ether
Ethereum’s recent rise can be attributed to investors’ high optimism about Bitwise Asset Management’s recent exchange-traded fund (ETF) application.
It is worth noting that the company has filed an application with the Securities and Exchange Commission (SEC) to launch an ETF based on its existing 10 cryptocurrency index funds.The fund was established in November 2017 and consists mainly of Bitcoin (75.14%) and Ether (16.42%), while the rest of the assets are distributed on cryptocurrencies such as Solana, XRP and ADA.
Most of the cryptocurrencies included in the proposed ETF have soared over the past 24 hours, reflecting growing speculation and optimism about the possible approval of the investment product.
ETH/USD vs. BTC/USD, XRP/USD, ADA/USD and SOL/USD one month performance
Ethereum open contract hits record high
While Ethereum’s price rose, its futures market open contracts (OIs) also rose sharply.As of November 28, OI has reached more than $24 billion, a record high, while OI has risen by more than $4 billion in the past 24 hours.
Ethereum’s weekly financing rate has been positive since October, about 0.53% as of November 28.
ETH Futures OI, Financing Rate
Record high OI and sustained positive financing rates form a feedback loop: bullish sentiment drives increased market participation, which in turn drives price increases.
Furthermore, these developments may reflect broader confidence in the Ethereum ecosystem and its prospects, further supporting its rise.
Ether price is expected to rise 10% in December
Ethereum’s price increase today is further driven by strong technical support and breakthroughs in bullish chart patterns.
The cryptocurrency has rebounded from the 50-period exponential moving average (EMA) on the four-hour chart, a key level that has been supported in its recent uptrend.
ETH/USD Four-hour Price Chart
In addition, Ethereum has entered a breakthrough stage in its current cup-handle pattern, which is a typical bullish continuation structure.The pattern formed over the weeks, with the breakout happening when prices soaring above the $3,440 neckline level.
A cup handle breakout usually casts a measured movement equal to the depth of the cup, bringing the upward target of Ethereum close to $3,940.
In other words, the price of Ether could rise by more than 10% in December.
