Author: YASHU GOLA Compiler: Lawrence, Mars Finance
The rise in Ethereum prices is mainly due to Bitwise's recent ETF application to the U.S. Securities and Exchange Commission, as ETH prices may 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 has outperformed the cryptocurrency market, which has risen 2.82% in the same period.
The recent rise in Ether can be attributed to the high level of investor optimism regarding Bitwise Asset Management’s recent exchange-traded fund (ETF) filing.
Notably, the company has filed with the U.S. Securities and Exchange Commission (SEC) to launch an ETF based on its existing 10-cryptocurrency index fund. The fund, which was established in November 2017, is primarily comprised of Bitcoin (75.14%) and Ether (16.42%), with the rest of its assets allocated across 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 about the investment product's potential approval.
ETH/USD vs. BTC/USD, XRP/USD, ADA/USD and SOL/USD one-month performance
As Ether's price rose, its futures market open interest (OI) also rose sharply. As of November 28, OI has reached over $24 billion, a new all-time high, and in the past 24 hours, OI has risen by more than $4 billion.
Ether's weekly funding rate has been positive since October and is around 0.53% as of November 28.
ETH Futures OI, Funding Rates
Record high OI and continued positive funding rates create a feedback loop: bullish sentiment drives increased market participation, which in turn drives prices higher.
Moreover, these developments may reflect broader confidence in the Ethereum ecosystem and its prospects, further supporting its gains.
Ethereum's price gains today were further boosted by strong technical support and a breakout of a bullish chart pattern.
The cryptocurrency has rebounded from the 50-period exponential moving average (EMA) on the four-hour chart, a key level that has been supporting it in its recent uptrend.
ETH/USD four-hour price chart
In addition, Ethereum has entered the breakout phase of its current cup-and-handle pattern, which is a typical bullish continuation structure. The pattern formed over several weeks, and the breakout occurred when the price surged above the $3,440 neckline level.
The cup-and-handle breakout usually projects a measured move equal to the cup's depth, giving Ethereum an upside target of nearly $3,940.
In other words, Ethereum prices could rise by more than 10% in December.
It is incredible that this may be the first time that people hope that the National Day holiday will pass quickly. The arrival of the National Day holiday has pressed the "pause button" on the recent rising market, and investors are eager to see the A-share market closed.
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