๐ Ethereum on the Rise: Could $4,000 Be Next?
Ethereum ($ETH ) has surged by 5.75% in the last 24 hours, trading at $3,640 as of Nov. 28. This rally outpaces the broader crypto market, which gained 2.82% during the same period. Letโs explore the key factors driving this upward momentum:
๐ผ Bitwise ETF Application Fuels Optimism
๐น Bitwise Asset Management filed with the SEC to launch a 10 Crypto Index Fund ETF, heavily weighted in Bitcoin (75.14%) and Ether (16.42%).
๐น This sparked investor speculation, with optimism driving gains across included cryptocurrencies, led by Ethereum.
๐ Ethereum Futures See Record Open Interest
๐น Futures open interest (OI) hit an all-time high of $24 billion on Nov. 28, a $4 billion increase in just 24 hours.
๐น Weekly funding rates remain positive at 0.53%, reflecting sustained bullish sentiment that boosts market participation.
๐ Technical Chart Breakout Hints at $4,000 Target
๐น Ether rebounded from the 50-EMA on the 4-hour chart, a level that has consistently acted as support.
๐น A breakout from a cup-and-handle pattern suggests an upside target near $3,940, indicating a potential 10% gain by December.
๐ฌ Do you think Ethereum will continue its rally and hit $4,000 soon? Let us know your take!