Why is Ethereum (ETH) price up today?

Ethereum (ETH) price is up today due to several key factors:

1. **ETF Momentum**: Investors are bullish after Bitwise Asset Management filed for a new exchange-traded fund (ETF) that covers multiple cryptocurrencies, including Ether. Expectations of a possible ETF approval have sent ETH prices soaring, with the price up 5.75% in the past 24 hours, reaching around $3,640.

2. **High Open Interest**: Ethereum’s open interest in the futures market hit a record high of over $24 billion. The increase in open interest shows bullish sentiment and investor participation in the Ethereum market.

3. **Technical Levels**: ETH price broke out of a cup-and-handle pattern and rebounded from the 50 exponential moving average (EMA), indicating strength in the uptrend.

These factors combined to create a strong bullish trend for Ethereum today.