Author: YASHU GOLA Compiled by: Lawrence, Mars Finance

The price increase of Ethereum is mainly due to Bitwise’s recent move to ETF application filed with SEC as ETH price could hit $4,000 in December.

ETH has gained 5.75% in the past 24 hours, reaching around $3,640 on November 28. The performance of the second-largest cryptocurrency outpaced gains in the cryptocurrency market, which gained 2.82% during the same period.

Bitwise files for 10 cryptocurrency index fund ETFs, including Ethereum

Ethereum Recent The rise can be attributed to high levels of investor optimism surrounding 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 was launched in November 2017 and is comprised primarily of Bitcoin (75.14%) and Ethereum (16.42%), with the remaining 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 market speculation and optimism that the investment product may be approved. rising day by day.

ETH/USD compares BTC/USD, XRP/USD, ADA/ One-month performance of USD and SOL/USD

Ethereum open interest hit a record high

While the price of Ethereum is rising, its futures market is not flat Open positions (OI) also rose sharply. As of November 28, OI had reached an all-time high of more than $24 billion, and in the past 24 hours, OI rose by more than $4 billion.

Ethereum’s weekly funding rate has been positive since October and was around 0.53% as of November 28.

ETH futures OI, financing interest rate

Record-high OI and continued positive financing 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 Price Expected to Rise 10% in December

Ethereum’s price gains today were further fueled 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 it has held throughout its recent uptrend Get support.

ETH/USD four-hour price chart

Additionally, Ethereum has entered the breakout phase of its current cup-and-handle pattern, a classic bullish continuation structure. The pattern 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, giving Ethereum an upside target near $3,940.

In other words, the price of Ethereum could rise by more than 10% in December.