🌟 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. Let’s explore the key factors driving this upward momentum:
💼 Bitwise ETF Application Fuels Optimism
🔹 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%).
🔹 This sparked investor speculation, with optimism driving gains across included cryptocurrencies, led by Ethereum.
📈 Ethereum Futures See Record Open Interest
🔹 Futures open interest (OI) hit an all-time high of $24 billion on Nov. 28, a $4 billion increase in just 24 hours.
🔹 Weekly funding rates remain positive at 0.53%, reflecting sustained bullish sentiment that boosts market participation.
📊 Technical Chart Breakout Hints at $4,000 Target
🔹 Ether rebounded from the 50-EMA on the 4-hour chart, a level that has consistently acted as support.
🔹 A breakout from a cup-and-handle pattern suggests an upside target near $3,940, indicating a potential 10% gain by December.
💬 Do you think Ethereum will continue its rally and hit $4,000 soon? Let us know your take!